Financial Planning - Buying or Renting a house?
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Buying or renting a house? This is a question that hot discussed by many people. If you are one of them who suffer to make decision between buying or renting a house, then you can read Invest to Financial Freedom - Formula for Rent vs. Own I provided some calculation formula to help you make decision.
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So today when I came across an article on the internet about renting a house, suddenly an idea came to my mind. I meet a lot of people who are renting a house instead of buying because they can’t afford to pay the down payment. It is advisable to pay the down payment although some of the money institute can lend you a mortgage without any down payment. So I have an idea for them who can’t afford it - rent before buy. For example, now you pay $650 in rent and actually you can afford $950 a month for housing. So just allocate this money aside for renting and save the remaining $300 for down payment. Just pretend that you are paying $950 for installment. So try your best to save as much as possible because the more you pay in down payment, the less interest you have to pay and eligible for better monthly installment deal.
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Just a piece of my idea. Hope I make myself clear.
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