Where Knowledge Rules

Home & Garden:

Real Estate

Get a Widget for this title

How to choose between renting and buying a home

The decision to rent or buy a home would all boil down to your financial capacity. Some would say if there's a will there's a way. Yes, it is a common knowledge. But always bear in mind that fixed expenses eats up our income and unexpected expenses, may or may not have been included in the fixed budget.
If the family rely on a very unstable income, it would not be advisable to buy a house, rather renting would be fine. Any extra income earned can always be saved in the future for plans of buying a house. At least renting a house for a maximum of three to five years would be good enough to say the trending of the family's source of income is very stable.


A stable job is a good preparation financially, an important record to convince the seller and the bank a sure money to pay. The necessary income taxes have to be filed as well as bank statements which serves as proofs of income.
Usually buying a house would entail a huge cash outlay amounting or equivalent to thirty percent of the total cost price of the house, least likely ten percent of the total cost price of the house. The remaining balance generally would be granted in the form of a housing loan.
Yes, it is a very nice idea if you can buy your dream house. Owning a dream house might be very expensive for a start. It is a fact, as the years roll by, additional sources of income opportunities arrive.
The location of the house you are planning to buy is also a thing to consider. Ideally, it should be near your working place. Make sure transportation facilities are available, accredited nearby school, amenities like grocery, market, park is available to achieve a normal living condition.
When you rent a house, it just takes a small amount to shell out for the deposit. A three months worth of rent is the amount deposited as security on the part of the owner. Ideally, renting a house would not entail the most expensive one, if the payment comes from the family's income. However, if the company is paying for it, go for the most comfortable house for rent.
Another thing if the family's source of income is employment in a company, and the father, or mother is reassigned every three to five years in different locations as a compensation to promotion, well renting would be the best rather than buying a house.
Renting a house with the family's income very stable but the source of employment would entail relocation of assignment of the employee in different places, renting would be fine. It would not matter if you


Below are the top articles rated and ranked by Helium members on:

How to choose between renting and buying a home

  • 1 of 5

    by Mark Morford

    Why buy a house?

    Behold, one of the biggest myths of the American Dream

    Amid the assault of economic horror stories of late

    read more

  • 2 of 5

    by Melissa Parrington

    Renting or buying? So many choices to consider. Many people have different feelings on buying and renting a house, apartment,

    read more

  • 3 of 5

    by Shanon Bednar

    A house is an excellent investment for yourself now and in the future. Buy smart, use a real estate planner,get house insurance,

    read more

  • 4 of 5

    by Cathy Thompson

    Firstly I would like to mention that I think the price of houses nowadays is ridiculous. Thankfully I have made my first

    read more

  • 5 of 5

    by Gemma Maggay

    The decision to rent or buy a home would all boil down to your financial capacity. Some would say if there's a will there's

    read more

Add your voice

Know something about How to choose between renting and buying a home?
We want to hear your view. Write_penWrite now!

87020

Featured Partner

The Overbrook Foundation

The Overbrook Foundation has partnered with Helium, giving you the chance to write for a cause. Browse Overbrook...more

What is Helium? | Buy Web Content | Contact Us | Privacy | User agreement | DMCA | User Tools | Help | Community | Helium’s Official Blog | Link to Helium

Helium, Inc.
200 Brickstone Square Andover, MA 01810 USA