Moving will present many challenges. One of those challenges is figuring out where you are going to live. You have so many choices. Are you going to buy a house? If you are, what type of mortgage are you going to get? Would you rather rent a house? What about an apartment or a condominium? These are all choices that you have to make before you get a moving quote, or a rental truck. Here are some of the advantages and disadvantages of each one of these types of living.
Becoming a home owner
If you are going to buy your home, then you have the advantage that only owning a home can bring. You will be the home owner. You can do just about anything that you want with the home. If you don’t like the way the paint looks, then put on a fresh coat of paint. If you want to add a pool, you can! These are the types of perks that only owning a home can bring you, but you will have to decide what type of mortgage you will get. Deciding what type of mortgage is best for you can really make or break the deal. The best type of mortgage to get is a long term fixed mortgage. This way there will be no surprises with your mortgage payment getting higher.
Renting a home
If you are going to rent a moving truck, and take all of your stuff to a rental house, then you might not have quite as much freedom as owning your own home, but you will not have to pay as much to move in. The cost to move into a rental house is a lot less than moving into a home that you own. In most cases you will only have to pay the first and last month’s rent and maybe a security deposit. If you are going to buy a home, you will have to pay as much as 10% down. If the home costs $200,000, you will have to pay $20,000 up front, and that is just for the house. You will also be paying more in closing costs.
Rental contracts are not as long as mortgages. Your average mortgage will be as long as 30 years, and your average rental contract will only be 6 months to a year. What happens if you decide that you don’t like the area where you purchased your house? You will be stuck living there until you sell the house, or until the mortgage is over. With a rental you can move in 6 months to a year with no questions.
Apartments and condominiums
Apartments and condominiums are very similar and in some cases you can own them. There are also some instances where you may be able to move into an apartment with little to no money down. You will also have access to some great amenities like: a pool, a hot tub, a weight room and a rec room.
These are all things that you need to think about before you actually move.