Is committing to a mortgage still a good investment in today's economy?
Is a 30 year mortgage realistic for those considering buying a home? Is 15 years better? Why? When is renting better than buying?
Is it better to buy a house or rent? If you can afford the down payment and mortgage, consider the advantages of home ownership. read more
This is a great question. I believe that owning a home is always a good investment. You should always buy a home if you have stable income and also save some money on the side. If you for some reason you need to change jobs, you will not be stressed. Planning ahead is the key. If you plan to buy a house in two years, plan and save for the down payment. It is advisable not buy a home during the peak periods. Try to find a bargain. Sometimes older homes are cheaper and you renovate it. At times the market will fluctuate but it must come up at some point. If you need to sell the house, sell it when it is peak time. You can always rent a portion of your house as well for extra income. I like the 15 years better because you will pay it off quicker and can plan for retirement and other activities.
Renting is realistic when you what to travel and don't mind moving or dealing with the landlord etc. It is hard to find cheaper rent in good neighborhoods.
Hope this helps. I am curious to find out what others are writing. Thanks for the question.
Here in Britain the market is so depressed at the moment that it's a buyer's market and is a good investment. First time buyers are having problems because the percentage deposit is higher than it used to be, however, if possible it's good to go for as high a mortgage as is realistically possible, preferably with an option to pay off some of the capital without penalties whenever you can.
My daughter & fiancé are in the process of buying their first house (+ 2 children) and without some parental help it would be impossible for them to find one big enough. They're saving a deposit but need a little help too!
if buying is less than rent, why not?
no unannounced or scheduled inspections from landlord . In your home, you let them in or not.
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