For many people, homeownership is a dream. However, you should consider a few things before you make a long-term housing choice and decide what is more financially savvy – renting or buying. But this is only unless you have a well-funded bank account, of course. If not, you have to think carefully and analyse your current financial situation, as well as your future income and saving plans. Here are things to consider before you decide whether you are ready to buy a home or rent one.
Are you in debt?
Before you consider transiting from renting to owning, you need to be realistic about your debts. If you already have a credit card or loan debts and you give a great part of your monthly income to cover those costs, will you be able to add a mortgage payment on top of that? Or paying a rent th...
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