What will you prefer; bought a house on Monthly installment or rent a house?

[Halexcity]

As for me I will prefer buying a house on monthly installment because the moment the installment period is over and you are able to pay complete, it now your property but paying for rent no matter how you are faithful the rent payment you are still a tenant and that's how you continue to be paying it.

 

[Ifective]

As long as I have where I can lay my head, then I prefer to buy a house on monthly installment. The money paid for rentage of a house can be quite expensive. Therefore, it is important that one thinks about the money at hand before deciding to rent an apartment instead of buying one. It saves you more money when you buy a house than one you have to rent and pay for annually

 

[Sarfraz Ali123]

Owning a home is a financial commitment that requires you to plan ahead and reflect on where your life is headed. Before deciding whether to rent or buy, ask yourself what your budget is and if either choice would require you to stretch your finances. Write out your additional financial and savings goals to see how each choice might affect them. Make sure you still have enough money to save for retirement, for example. Compare some specifics to see which is a better fit.

 

[Kelvin7656]

There are different costs associated with renting vs. buying, and they depend heavily on where you live and the local housing market. Using Bankrate’s rent vs. buy calculator can help you break down some of these expenses.

Most rental properties require a security deposit, for example, which protects the landlord against damage caused by the renter. You’ll usually put down the first and final month’s rent payments when you sign a lease. When evaluating a lease contract, ask if your monthly rent includes utilities such as water, electric, gas, cable or internet.

For homebuyers, one of the biggest costs of homeownership is your monthly mortgage payment, which includes the loan’s principal and interest. Your payments can go up or down over time if your loan is variable-rate or your property taxes or homeowners insurance premiums change.

Having a sizeable down payment — anywhere from 3 percent to 20 percent of the home’s purchase price — is expected. If you put less than 20 percent down, your lender will typically require you to purchase private mortgage insurance, or PMI, which drives up your monthly payments, too.

“During the [home-buying] process, the buyer will need to pay for a home inspection and for any quotes for repairs needed from contractors. They will also put down at least 1 percent of the sales price for earnest money,” explains Michelle Hopson, a Realtor with Compass, a real estate agency, in Dallas.

As a homeowner, be prepared as well for some of the hidden expenses that come with homeownership that catch many first-time homebuyers off guard and may lead to buyer’s remorse.

Post automatically merged: Feb 4, 2021

There are different costs associated with renting vs. buying, and they depend heavily on where you live and the local housing market. Using Bankrate’s rent vs. buy calculator can help you break down some of these expenses.

Most rental properties require a security deposit, for example, which protects the landlord against damage caused by the renter. You’ll usually put down the first and final month’s rent payments when you sign a lease. When evaluating a lease contract, ask if your monthly rent includes utilities such as water, electric, gas, cable or internet.

For homebuyers, one of the biggest costs of homeownership is your monthly mortgage payment, which includes the loan’s principal and interest. Your payments can go up or down over time if your loan is variable-rate or your property taxes or homeowners insurance premiums change.

Having a sizeable down payment — anywhere from 3 percent to 20 percent of the home’s purchase price — is expected. If you put less than 20 percent down, your lender will typically require you to purchase private mortgage insurance, or PMI, which drives up your monthly payments, too.

“During the [home-buying] process, the buyer will need to pay for a home inspection and for any quotes for repairs needed from contractors. They will also put down at least 1 percent of the sales price for earnest money,” explains Michelle Hopson, a Realtor with Compass, a real estate agency, in Dallas.

As a homeowner, be prepared as well for some of the hidden expenses that come with homeownership that catch many first-time homebuyers off guard and may lead to buyer’s remorse.

 

[GIFTMICHAEL]

Here in my country there is nothing like property taxes, that is why it is really nice to buy a house than to rent a house.
I prefer buying a house to renting, if i can have the option of instalment on mortgage i will be comfortable.
I will feel at home when i own my own home than stay in a rented appartment where i won't have a sense of ownership.

 

[Trexxxy]

Yes I agree, a lot of people don't know that in some countries it is better to rent an apartment than to actually own one, because of different property tax for homeownership. However there is an accomplished feeling that cones with owning a house for yourself.

 

[Ifective]

As long as I have where I can lay my head, then I prefer to buy a house on monthly installment. The money paid for rentage of a house can be quite expensive. Therefore, it is important that one thinks about the money at hand before deciding to rent an apartment instead of buying one. It saves you more money when you buy a house than one you have to rent and pay for annually

 

[Sanusi]

To me the two are really okay but its depends on your income, taking for instance it's not advisable for a low salary earner to go for monthly payment in some circumstances so but someone that is having a good income can go for any of the two.

 

[Aotosyno]

The cost of getting a personal house is quiet expensive, however if the opportunity comes one should grab it and make use of it.Although its mostly comes in instalment payment which is high and can rip some1 of his savings.

 

[Yewande]

In

The overall cost of homeownership tends to be higher than the overall cost of renting. That is true even if the monthly mortgage payment is similar to (or lower than) the monthly rent. Here are some expenses you'll be spending money on as a homeowner that you don't have to pay as a renter: Property taxes.
Renting does not overburden one with EMI payments, house tax and other legal issues that are part and parcel ...
So what will you prefer for living renting a house or buy a house on MI?

I don't think there is anything like property tax in my country. Overall cost for renting will definitely be higher in my country over a specific number of years anyway. Installmental payment on a bought house is really cool.

 

[Nurudeen]

In this case or scenerio I will just prefer to be paying my house rent at the end of the year because mostly that is how it is been done in my country and this gives those who are renting the opportunity to save up some funds till the end of the year so that they can pay up and save for the rent for another year

 

[Taimoor Jutt]

It is double minded question that what will i chose, both options are 50% 50%. Because if I have good income then I will prefer Bought a house for instalments. But it will keep bounding for many months but i will be satisfied that. If I live in rented house then i will not good for me.

 

[Jimmie150]

Going by what the writter has put for discussion I would prefer to buy a house rather than rent one. This would in turn be use to fetch money if I'm not going to leave there. That I can rent it out as well.

Post automatically merged: Feb 4, 2021

Going by what the writter has put for discussion I would prefer to buy a house rather than rent one. This would in turn be use to fetch money if I'm not going to leave there. That I can rent it out as well.

 

[Abu4exel]

I prefer renting a house to buying a house and pay instalmntally. Although, owning a house is good but what if the person is not earning enough from his or her job, it rather pays for that person to rent and be paying annual house rent and also settling aside some fund to purchase a land in future.

 

[Jlife]

In this part of the world a lot of people prefer it to pay for house rent on monthly basis and people do not actually need to buy a house as you just said,to me I think paying on monthly basis as a rent is more better for me because I don't like buying a house that is just my own number one rule.

 

[Adebayonle7]

Both of them have their pros and cons but in a personal sense, I'll think it's better or preferable to go for monthly installment payments to own the house. Reasons are that paying rents will only make you have a house and give money for an exchange monthly or annually and in the future, you can get ejected depending on the house owner. When you pay in installments though, you have a goal in mind to reach which is to own the house. You will keep your own agreement and also the seller and in the end, these payments will end and you get to own the house.

 

[Ogbest]

Renting a house does not make me the owner of the house. I will rather go for buying the house on a monthly installment. Though it may be painful at first because the money should be use for another need. Nonetheless, it would later worth it, because the house would have become yours. I prefer buying a house on a monthly installment

My dear, I will choose to buy on a monthly instalment. I may rent a house but at the end of the day, I may not be able to save money to build mine. I should to pay installmentally, before you know it, I will become a house owner .

 

[Bkoks]

Renting: Up front, you pay less. ... Owning: Most mortgages require a down payment, and with more money down, you usually get better terms. You may need to pay closure costs as well. With renovations, you can typically customize or upgrade your home (some of which can improve the value of your home).

 

[Sariana23]

The best thing that can exist is to have your own home. Despite the payments that must be made. You can be sure you won't be evicted, you won't have to find a new home and leave your neighbors and friends behind, and it's a fresh start. With your own house you can remodel to your liking, take advantage of spaces, build more if you want, etc.

 

[Hamza]

Well buying a house on monthly installment will be best rather then taking it on rent. Because if I buy a house on installment that house will be mine at some point but getting a house on rent it's a whole different story. It will never be mine even if I pay it's rent for my whole life