Should I Continue to Rent?

Have you been renting a house for many years and are now planning to buy your own apartment? Someone tells you that owning your own property will increase your financial stability, and it will also indicate your social status. When it comes to financial stability and social status, look at reality. Five signs indicate that you continue to rent instead of buying.

Joined new job

Have you changed jobs recently? Even if you are well paid, you must wait at least two years. Lenders have criteria when applying for a home loan, including how stable your career is. Unstable work experience may be the reason. Alert the lender. Therefore, if you change jobs, wait to buy a house and save rent.

Savings are not available

You must pay at least 20% of the property value as a down payment when buying a house. It is only possible if you save your hard-earned cash. For other expenses, then wait. Keep your rent until you have enough savings to help you purchase the property of your choice.

Paying large bills

Too many bills for credit cards, car loans, renovations, electricity bills, and personal loans? You should wait and buy again. Get rid of all small financial obligations that form an important part of your monthly salary. These payments are considered part of your income to debt ratio, which is important for the lender when granting you a home loan. Existing EMI may need to refuse loans.

Are you ready?

With a home, expenses become permanent. Property maintenance, renovations, parking fees and other repairs all require you to keep a certain percentage of your monthly income. On the other hand, rental properties belong to the landlord. Like your content. Also, when investing in real estate outside of work, consider travel expenses because it is affordable. The lease can be continued for the time being because you can move to another place of work. Help you save on travel expenses.

You want to choose your investment route

Are you buying real estate as an investment and plan to sell it profitably in the near future? Do you know that most of the reason for house price increases is inflation? Therefore, the surcharge corresponds to the price you paid when you purchased the property. So you just spend money on real estate. If you plan to invest, look for options that can invest very little but can make a lot of money in the long run, such as land.