The Top 10 Mistakes When Deciding To Rent or Buy

Many times people are faced with the decision to either continue renting or going ahead and buying a home.

Although there are several beneficial reasons to buy a home, there have been instances where a home was purchased for the wrong reasons.

Some of the most common mistakes are listed here.
  • Still renting because it seems cheaper than buying.

  • Buying when you plan to move in less than five years.

  • Putting off the decision over a five-year period.

  • Buying because you think you ought to own a house at this stage of your life.
  • Buying a dream home a nightmarish distance from your job.

  • Buying a home you can't afford.

  • Buying a home you'll soon outgrow.
  • Buying because you think you won't be able to afford real estate prices next year.

  • Not understanding what you can afford.

  • Assuming you can't get a loan because of student loan debt. Try prequalifying for a loan. You may be pleasantly surprised.