Why would you buy a house? And what are the reasons for not doing it? Buying a house is a huge decision that you have to think carefully about before you actually do it. Here are the biggest advantages and disadvantages of buying a house.
Your own house…
For many people this is the most important reason to buy. Your own house, all yours, where you can change everything you want. In addition, you put the money that you pay every month in your own home. It is therefore an investment, which is different than if you rent a house. You pay off something that is yours instead of giving someone money every month to live in a house that is not yours.
Stable monthly charges
When you take out a mortgage on a house for sale, you generally pay a fixed amount each month with interest. So you know where you stand when it comes to your monthly payments. Do you have a fixed-rate period of ten years? Then you know exactly how much you have to pay for the next ten years. If you rent, you will never know for sure; your rent may be increased every year. So, you have no certainty about your monthly payments.
Less flexible
You can cancel a rental house at any time, depending on the lease, but you are stuck to your mortgage when buying a house. You can of course sell your house, but this takes a lot more effort than canceling your rent. Do you not want to be tied to anything for now? Then it might be wiser to keep renting until you are really ready to buy a house.
Risks
Buying a house is not entirely without risk. Now, house prices are sky high, but if they fall your house can be flooded. That means that your mortgage is higher than your home is worth. You also have to arrange everything yourself if something goes wrong with your house. For example, do you suffer from leakage or is something broken in your house? Then you must ensure that this is taken care of. With a rental house, this is the responsibility of your landlord or housing association.
The orientation phase
Are you sure you want to buy a house? Then you can start searching and orientating. You may see hundreds of houses before you find your ideal home. How do you approach this search in a smart way? It’s recommended to read everything about the orientation phase that you go through when you look for your dream house.
Know how much you can borrow
You will probably pay for your house by taking out a mortgage. Before you start looking for a house, you need to know in which price range you should search. It would be annoying if you find out too late that the house you fell in love with cannot be paid for. Are you now ready to buy a house? We suggest you acquire the help from a reliable agent. Read UpNest Reviews here and get your agent!
