It’s time to get your first property but you can’t decide between renting or buying property. You are not the first person to ponder over this. We gathered some points to help you come to a decision relatively faster. Here they are: The following is an infographic describing the Ifelse Statements to decide whether to RENT or TO BUY.
Think: Think about how long you plan to stay in the area you have in mind. Renting a place is best for a short stay whereas buying is for a rather permanent stay. Are you passing by or do you plan to stay in the area indefinitely?
Your Space : You also have to know the amount of space you need. This will help you filter using factors such as price and number of people. Residential properties increase primarily per number of rooms. Whereas commercial properties by square meters.
How Much? Ask yourself how much you are willing to spend. Houses for sale are especially expensive and would not be a good idea for a low-income earner. Search on meQasa.com and other property portals to get an idea of current market prices. This will help you come closer to deciding whether to rent or buy.
With respect to commercial properties, such as office spaces, showrooms, and warehouses, buying is the best option. This is because commercial properties pricing is by its square meter. That would mean the price given multiplied by the space needed.
In a nutshell, the decision to rent or buy property depends on your current situation. Evaluate yourself, evaluate your environment and see which best suits you.