A lot of us have the thought in our minds. Are we are better off renting a home or just proceed with all the process and purchase a house? Well, the decision is yours but I can give you some reasons on why renting a home is considered better than buying a house. Of course, circumstances differ from time to time, so it is best if we know our priorities.
If you are someone who hasn’t sorted out their priorities, then it is best if you will stick with renting a home. Your job should be considered most importantly if it requires you to move from one place to another.
2. Credit History
You credit history is also a deciding factor. A problem with your credit standing needs time so it can be fixed. You should consider renting a home until your credit rating is in a good status and you can already afford to purchase a house.
3. Down Payment
It is not easy to raise a down payment so you might want to consider renting a home for the mean time while you are saving for the money that you can use for the initial payment. It is a good move so you can save some cash without having to worry about other expenses that you should be taking care of if you own a home.
4. Investment Options
There are other things where you can invest your money. If you have some plans that you know you have the skills to be successful then renting a home is the best option. You should not tie your money on a real estate investment if you still have other priorities in mind.
Assess yourself before making a big move on purchasing a house says reknown Kelowna real estate professional Annette Denk. The place where you are staying may not be the place you want to live. If you are considering to go out of the country, then it is best if you will just settle in renting a home. If you haven’t set your plans and priorities yet, it is not wise to make a significant investment for a home.
Renting a home comes with fewer responsibilities so you can focus on other important things for your future.