Real estate professionals are often asked, whether an individual should buy, or rent a place to live. Let’s review some of the factors that might affect one’s approach.
1. Down – payment: Consider the finances first. Do you have the down-payment? If you are looking to obtain a mortgage that requires a lower down-payment, it will be with a slightly higher interest rate, different qualifying terms, and most certainly, a larger monthly carrying charge/expense.
2. Credit – worthiness: Many factors go into what a lending institution might consider credit – worthiness. One’s credit score is often a qualifying, or disqualifying factor. Another factor, is the amount of total credit already approved for the individual and how much of that is used.
3. Determine your needs: This should consider affordability, and comfort level. The location, size of house, and other relevant factors matter too.
4. Planning: Are you planning on buying a starter home, or a keeper and how long do you expect to live in there? Many people who come from outside, often rent for a year, to be certain that it’s the right fit for them. Moreover, the financial considerations or expectations, depend on how long you plan to remain in this new location, and are major determining factors, when buying or renting.
5. Your circumstances: Some sort of major change in your family situation, such as marriage, divorce, children, etc. are all factors which should go into your house hunting considerations.
6. Market conditions: Understand that there is sometimes a buyer’s market, and sometimes, a seller’s and at other times, it’s somewhat neutral. Most people seeking a permanent stay should find a house that fit their needs. Also choose the advantageous times to buy, such as when the mortgage interest rates are low.
Whether you buy or rent a house, is a personal decision, that each one must make for himself. A very short stay, anticipated major changes in one’s lifestyle, finances, or inability to find the right place, often propose renting, at least for a short-term, like an year.
Buying a villa for sale in Damac Hills could be a better option if you have all the pre-requisites. Otherwise, Dubai Creek Harbor apartments for rent can be a choice to help you experience living in a location and decide for your future investment.