Buying or renting a house: which is the best option?
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Buying or renting a house: which is the best option?

Posted By Featured Featured     April 24, 2021    

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Sky Marketing strives to be Pakistan's biggest real estate developer ever, guaranteeing the highest international standards, prompt execution, and lifetime customer loyalty. With mega projects like  https://www.skymarketing.com.pk/blue-town-sapphire-lahore/.

In today's blog we will analyze all the keys about buying or renting a house and what is the best option according to your profile. Let's go there!

Buying or renting a house: What are my chances?

If you are considering buying, it is essential to have a series of requirements for the bank to grant us the mortgage loan.

It is essential to have a significant part of the house price saved, 30% for expenses and a minimum of 20% to contribute the remainder of the property price . Currently, the most common is that financial institutions grant financing at 80%. Although if you have  financing experts  and a good profile you can get 100%.

In addition, you must have a good credit profile and demonstrate solvency , this translates into: you do not have to have outstanding loans, or be on delinquent lists, stable and indefinite employment contract, good monthly income and we cannot allocate more than 35% to pay debts.

Is it a good time to buy?

If you meet the requirements to buy a home, it's time to go to the next step.Is it a good time to buy? Here we will have to analyze if we are really interested in buying, to help you, you can answer these questions:

  • Do I want to live here long term?
  • Do I plan to move to another place?
  • Do I have a good financial solvency?
  • Am I going to change my job?

These are some of the questions you can ask yourself to find out if it really is convenient for you to buy a home, since the most important thing is stability and understanding that it is a long-term commitment. Life takes many turns and you may have to change jobs or cities, and in that case you can rent the house or sell it.

But if you already have a big change like that planned or thought before buying it, it may be a better idea to choose to rent.

Renting a property: is it a good option for me?

Renting a home has the great advantage of not having the responsibilities and commitment of an owner, and it is a great option when we cannot qualify for a mortgage, in this way you can continue saving to buy a home later.

It is also a great alternative in the event that you do not have job stability, you move quite frequently or have upcoming plans to change cities or jobs.

Advantages and disadvantages of buying or renting a house

In the case of renting , the initial outlay of expenses to enter the apartment are much lower and it does not involve so much commitment, since you can live for a few years and move whenever you want (giving advance notice).

But, on the other hand, since it is not your property, the landlord has the right to request housing in case of need, and with the rental price, the rent is much higher than a mortgage installment.

If we talk about buying an apartment , the main advantage is that everything you pay monthly is an investment and there will be a point when the home will become 100% yours and, therefore, you will have the security and tranquility of a roof that does they can take you away.

In addition, the monthly mortgage payment is usually much lower than that of a rent and you can make the reforms and modifications you want. But for this, the most important thing is to have a solvency and stability to be able to face the entry of the mortgage, expenses and fees.

As you can see, there is no direct answer as to whether it is better to buy or rent a house, everything will depend on what you are looking for, your needs and your profile. But the most important thing, whatever you decide, is to always have professionals, so you can rest assured that experts will find you an ideal home either by renting or buying.

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