With so many students getting to University, many wonder if they should buy or rent a house. On the one hand, it makes a lot of financial sense, but on the other, factors like affordability come into play. Owning a home while in university is a hard gamble. You can have a successful time or end up a failure unable to pay off the mortgage, or even maintain the house. Before deciding whether to buy or rent a place, you must weigh the pros and cons of each. Let us take a more in-depth look at them.
Even with these perks, buying a house while in university has its downside.
Being a landlord is hard and stressful. You are liable for maintaining the residence and ensuring all your roommates pay off the rent and expenses in time. It can distract you from focusing on your studies.
There are additional expenses that come with owning a home; these include property taxes, homeowner’s insurance, maintenance costs and more.
There is no security. If you don’t pay your rent, you can be easily evicted. Getting a decent, rent-friendly place to live can be hard. You have to compromise on a lot to get a place you can afford.
At the end of the day, it will all depend on your situation. Keep these few tips in mind when deciding what’s best for you. Whether you rent or buy, the most important thing is to be sure you can meet the perks of the deal you choose.
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