Buy or Rent – You’ll Need Home Insurance in Thousand Oaks
Whether you rent or buy a home, you’ll need protective home insurance in Thousand Oaks.
To buy or not to buy, that is the question. Buying a property is one of the biggest financial decisions that you’ll ever make and one that you shouldn’t take lightheartedly. But buying a property just isn’t for everyone. Whatever your next move, keep in mind you’ll need renters or home insurance in Thousand Oaks.
If you’re looking to move out but can’t decide whether to rent or buy your next property, have a look at the weighed up pros and cons of renting and buying.
Owning vs. Borrowing
Is your heart set on living in a place that belongs to you or are you content living in a house owned by someone else? Buying a property means that you can make home improvements where and when you want, while renters often need permission from their landlord for most things. Also, some landlords may not allow pets or children, so starting a family while renting could be tricky.
Rent vs. Mortgage
Renting gives you the flexibility to move to a place that offers lower rent if your situation changes. Meanwhile, a mortgage will be a fixed payment over a certain period of years. Depending on where you want to live, renting may be significantly cheaper than buying a home. Even so, paying rent every month doesn’t give you anything back for your investment. This is why renting is often referred to as ‘dead money.’
Savings vs. Investment
If you want a decent mortgage rate, chances are, you’ll need to put down a deposit, This is at least five percent of the value of the house. Saving for a larger deposit could mean lower monthly payments, but this could take a while to build up depending on your current situation. Renting a house doesn’t have any huge up-front costs, so it’s easier to jump in without needing to save beforehand. This potentially gives you more cash to play with in the short term, such as a holiday or a new car.
Buying vs. Renting
When it comes down to making a financial decision, choose the option that best fits your circumstances and budget. Whether you choose to rent or buy, be sure to secure the right renters or home insurance in Thousand Oaks!