Toggle navigation SEARCH FOR PROPERTY

Real Estate News

bdHousing
23rd
Sep

If you are the individual who is weighing the option of renting or buying an apartment, you need to consider a few factors. Your financial situation has to be assessed for your long-term planning and that it is not that simple as well.

Understanding Your Budget and Expenses

It is wise to review your household budget in comparison to the expenses before you begin looking for a new apartment. You have to find out how much can you afford to pay for accommodation without putting a burden on the budget.

You simply cannot go for rent or mortgage payments if you are unable to pay them on time. Several factors are involved both in renting or buying an apartment that should be considered prior to making a decision.

What are the Requirements While Renting or Buying an Apartment?

Your credit history and credit score are crucial and that they will be looked upon by the rental agency or the landlords for the mortgage or rent. You will be checked whether you are can pay the bills on time and are not overdue with the loans or the credit card balances. You have to check your score and credit history before applying for the apartment or the mortgage.

Other factors that are important include your strong employment history, W-2 forms and current bank statements that have to depict a good picture. A few rental agencies require professional or personal references as well as a background check and contact information from the previous landlord respectively.

When is renting a viable option?

  • If you have uncertain employment: If you are unsure about your living paycheck and job situation, it is best to save money for the future living expenses. This will help you to build an emergency fund for you as well.
  • Limited funds: Renting is the better alternative when you do not have enough money for making the down payment or for managing the additional costs of owning the apartment.
  • Short time frame: If you have an assignment that lasts two years or you plan to move abroad in a couple of years, then renting a flat is a better option.

When is Buying an Apartment a feasible option?

Buying an apartment only makes sense when you have the ability to cover the additional costs of owning a house. It is vital that you pay the closing costs and the down payment before you buy a house. It is seen that many banks receive a 20 percent down payment.

But if you have much debt, you should not put your savings for the down payment at all. It will be better to pay off the entire debt first until you get a better financial position for yourself. If there is no debt, then you need to work out the buying or renting options in detail.

1 comments
  • Bably Akther Munny
    bdhousing on January June 26th 2020 11:15:28

    Hello, Homefairbd.com is a property related online market place like BDhousing. If you decided to buy an Apartment in Dhaka, just click https://www.homefairbd.com/

add comment




Submit

News

bdhousing.com brings you all latest realestate news & updates of Bangladesh. Subscribe us for instant notifications

Recently Added

Somerset Dream Sqaure

Somerset Dream Sqaure

 Mirpur 13, Dhaka

beds 3 | baths 3 | 1275 sqft

Call for price
Shwapnoneer

Shwapnoneer

 Mirpur 10, Dhaka

beds 2 | baths 2 | 750 sqft

৳ 32.70 Lac/total
bddl peace park

bddl peace park

 Dhanmondi, Dhaka

beds 4 | baths 4 | 2330 sqft

Call for price
ADBL METROVIEW

ADBL METROVIEW

 Mirpur 11, Dhaka

beds 3 | baths 3 | 1400 sqft

Call for price
Asian Duplex Town

Asian Duplex Town

 Purbachal, Dhaka

beds 4 | baths 4 | 3125 sqft

Call for price
Used Apartment

Used Apartment

 Cantonment, Dhaka

beds 3 | baths 2 | 1200 sqft

Call for price
Dreams Divine

Dreams Divine

 Moghbazar, Dhaka

beds 3 | baths 4 | 1520 sqft

Call for price
Golden Property

Golden Property

 Bashundhara R/A, Dhaka

| 3 katha

Call for price
ELEGANT SHOPNO NIBASH

ELEGANT SHOPNO NIBASH

 Aftab Nagar, Dhaka

beds 3 | baths 3 | 1490 sqft

Call for price
Pinaki North Ridge Heights

Pinaki North Ridge Heights

 Uttara, Dhaka

beds 3 | baths 3 | 1126 sqft

Call for price
Zana Heights

Zana Heights

 Azimpur, Dhaka

beds 3 | baths 3 | 1050 sqft

৳ 87.00 Lac/total
Dihan Shah Asad Palace

Dihan Shah Asad Palace

 Dakshin khan, Dhaka

beds 3 | baths 3 | 1350 sqft

Call for price
Woodland Sheikh Palace

Woodland Sheikh Palace

 Mirpur 11, Dhaka

beds 2 | baths 2 | 650 sqft

৳ 32.50 Lac/total
Madina Laskar Tower

Madina Laskar Tower

 Basabo, Dhaka

beds 3 | baths 3 | 1345 sqft

Call for price
Ahmed house

Ahmed house

 Mirpur 10, Dhaka

| 200 sqft

18,000 /per month

Latest Comments

  • Land Registration BD
    bdhousing on January June 28th 2022 15:22:52
  • bdhousing on January September 24th 2022 10:50:06
  • bdhousing on January July 10th 2024 11:48:28
  • bdhousing on January December 9th 2021 23:39:21

Find Us on Facebook