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News Americas, New York, NY, Mon. 10, 2020: It is well-known that housing prices are constantly growing and the costs of premises rental increase as well. From year to year, the majority of lessors try to increase their income, while mortgage rates remain the same. All this makes mortgages an attractive choice. But let’s slow down and consider the advantages of these options. What is the best choice for you?

A home loan or rental should be chosen based on your income, working prospects, and preferences. Renting is still cheaper than a loan by monthly payment, but the rental prices will increase simultaneously with the value of the real estate. Meanwhile, mortgage payments can only decrease or remain unchanged. Here are arguments both in favor of a home loan and rental, so please check what corresponds to your life circumstances better.

Reasons to Choose a Mortgage

If you have a stable and high salary, it is more profitable to take a home loan. You can either get a loan online or on or learn the details in the bank office. You can think about mortgage taking if:

  • You have enough money to pay for all the required charges;
  • You have accumulated an amount equal to the down payment;
  • You live in a country with a stable exchange rate, economic and military situations;
  • The situation on the real estate market is predictable;
  • You and your family members don’t have serious health diseases.

You have to select a home loan if the amount of regular charges is comparable to the rental rate – at the end, you get your own apartment, decorate it and no longer depend on the market changes. However, if you do not feel stability in your life, you should not take a loan.

Reasons to Choose a Long-Term Rental

If you do not want to overpay, the best option is to rent an apartment and open a deposit. Depending on the size of the amount deposited and the income level, you can choose a home loan on more favorable terms or even buy a house without financial assistance just in a few years. In addition, rental housing is more profitable in case of moving to another city for a short period of time (business trip, training period, etc.).

There is a number of house rental advantages to contribute to this option:

  • Average monthly payment;
  • Ability to choose the appropriate district, living conditions, and neighbors;
  • A chance to negotiate with the owner in case of financial difficulties.

In the end, you are the only person to make a final decision.

In Conclusion

We suppose you would like to live in your own apartment. Therefore, if buying real estate on credit, it finally becomes your property. However, you have to consider your abilities to pay regularly. If you intend to use real estate for a long time, it makes sense to take a home loan. Otherwise, house renting will be a better choice for you. Good luck!

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