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MAKING THE FINANCIAL DECISION BETWEEN BUYING AND RENTING A HOME

There is always a rift in decision making between either buying or renting a home, some of us grew up in places where it was a major achievement to own your home and a lot of people have it as a life goal to own their homes, those who grew up in places with such information and do not own their own homes are usually not far from depression.

The subject of buying or building a home is however totally dependent on so many factors, before you kill yourself over the stress of not owning a home, you have to carefully consider certain factors that will help you answer the sincere question of if you are ready to own a home.

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The first thing you need to do is clearly understand what you really want for yourself, no matter what others have to say about either buying a large house or renting a big building, it all runs down to clearly defining what your personal goals are and what you really want your life to look like.

The depression that occurs from trying to satisfy other people is really high and in the real sense you should calculate what you make on a daily, monthly or yearly basis and if you can afford that home you desire you should go for it but on another note if your income cannot buy a house then gladly rent because there is no crime with renting.

You need to calculate what your spending expenses is on a monthly basis either you rent or buy, this greatly depends on the type of location involved, location greatly has a lot to say about if it is preferable to buy a home or rent a home, it is relevant to do your calculations properly before you make a final decision.

If you are just trying to figure out an ideal location to settle down, it is ideal for you to rent a home instead of buying that will create an avenue for flexibility and mobility until you finally make a decision on where you want to settle. The moment you decide to settle down in a location and you are financially ready to buy a home, it is relevant to buy at that point instead of renting.

Remember that the home you are purchasing is not a form of investment, but the moment you are financially stable, you need some comfort that you will design to your taste and this makes it a wise decision to buy a home.

Finance

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