What is a more viable option? Buying a home or an investment property?
The decision to buy a house or continue to live on the rented property is a hard one and needs serious consideration. The right choice may vary for each individual, depending on their socio-economic background and their current lifestyle. Here are some of the things that you need to keep in mind while making that choice. Thereby, people can also opt for an option to apply for a home loan online and enjoy its benefits.
What makes living on rent more preferable?
Whether you decide to buy a house or keep living on rent, you will have to pay a lump sum of money just to ensure a roof over your head. Are you willing to buy a home or you want to invest in a property, please must consider Property Conveyancing Brisbane they will give you best advice and for viable options you can also contact Property Conveyancing Melbourne. One can always take out an instant home loan to purchase a house if they so desire. Yet, young people tend to prefer living on rent rather than buying a house for several reasons.
Your career requires moving around the country
If you have chosen a career path that requires you to move around, it makes no sense to purchase a house just now. If you are planning to move out or anticipate a shift or transfer in your job’s location, staying on rent is the obvious and the most suitable option.
You want to lead a lavish lifestyle
Young couples often do not want to commit to the idea of buying a house, as it requires them to lead a restrained and controlled lifestyle. Most middle-class people cannot afford to lead a lavish lifestyle if they are planning on buying a house. It also requires long term planning. Even if you take out a house loan, you will have to cut down your spending to pay it off.
Living in metro cities
If you want to buy a house in a metro city, you will have to deal with the outrageous expenses of its residential properties. Even if one takes out an instant home loan, the down payment and EMI cost is quite high. Quite understandably, the sky-high prices tend to scare people off and they choose to live on rent instead.
The cost of EMI
The cost of EMI is a lot higher than what people are paying as monthly rent. This makes a lot of people postpone their plans to buy a house. However, it is important to keep in mind that the cost of EMI will keep increasing each year and houses will become even less affordable with the passage of time.
Why people tend to delay their purchase when it comes to buying a house?
Once people grow older, their income becomes steadier and sometimes increases. With enough time and experience, people learn to control their spending and find it easier to commit to a more restrained lifestyle. That is why some people tend to delay their purchase until they are older.
Why do some people find buying a house the more preferable option?
There are a number of reasons why one might prefer purchasing a house over living in rent.
Your house is an asset
Investing in a house can be quite profitable for your future. The house and the property that you buy is an asset that might come handy in case of an emergency. As we have seen, the price of the property will go higher with time. So years from now, you will be able to sell your house with a bigger profit.
Living in your own home brings a certain kind of mental peace. You do not need to worry about paying a significant sum of money just to make sure that you have a roof over your head for one more month. It brings certainty, security and in the long run, definitely saves you money.
We hope that this will help you come to the right decision. Before you make a choice, you must make a long term plan that will sustain you in the future.