Every once in a while everyone is going to be caught up in the dilemma over the common issue of renting versus buying a flat or a house, which could boil down to a simple scheme of having the funds that would resolve it. Other factors that could contribute to your final decision making process and affect it greatly would involve the following:
- Your job stability
- Your plans for the future
- Your family’s needs to stay put or move
- The current available assets you can utilize as a down payment
- The emotional needs of having your own place as opposed to renting
- The values of the houses and your prospects of being accepted for the loan
Anything out of those should be carefully examined even though no one is an expert big enough to predict for example whether your current place of employment is going to remain intact by the upcoming market fluctuations.
How to Approach the Issue?
How can you decide? Sometimes there is no clear advantage of one solution over the other and it is simply a matter of preferences and nothing else, but the real thing you should be looking into is the final cost. Then again it could be difficult to assess the situation without taking into consideration the financial and job markets’ behaviors.
Most people don’t mind working towards the payment of their loan, and here, with the credit crunch still present despite the recent rebound noted across the media you could be hesitant over the route to follow.
Why not gain some more insight by electing to apply for quotes from several lenders to prepare the ground for more precise assessment of the situation. Calculating and comparing the costs of the rent versus the payments of the loan could clear up your ideas and let you proceed to finalize either of the attempts with more success thanks to some newly gained confidence. The numbers shouldn’t lie so that would be one step ahead towards the success.
Decide without pressure
Don’t attempt to make a decision under pressure as you would be too overwhelmed perhaps to notice all the major details.