Archive for : May, 2014

Renting or buying a house

For some people it is a straight forward step to buy a house at a certain point in life. However, it just might not be the right time for you at this time. It is better for you to wait a little longer and rent a house before buying one, if you recognise yourself- or your situation in the following.

You might want to reconsider the idea of buying a house, if you don’t have a lot of savings in the bank. If you rent a house and the bathroom drainage is clogged or the heating boiler is malfunctioning, you just call your landlord to get it fixed. If you own the house, you will have to pay for these unexpected costs yourself.

When you have the idea of buying a house, you might also want to re-evaluate your income and job perspectives. How certain are you that you can -and want to- stay in the same job for the coming years? You need a steady income to pay for a mortgage, which usually runs for many years. When you rent a house, you most likely have a one-year contract, making you more flexible to make different housing decisions when your income changes.

Last but not least: are you certain that you want to live in this city for the coming years? If you haven’t made up your mind yet on that one, it is better for you to rent a nice house in that city to see if you fit in, but also because of the flexibility it gives you. If you can’t let go of the idea of backpacking through Asia for a year, you might want to rent a house until you have decided whether or not to go for the adventure.