Your own home: Yes or no?
Should you own a home or rent an apartment? We've put together some aids for making a decision so you can better answer this question.
by Gabi Hophan
Anyone who wants to buy instead of rent must not only weigh the pros and cons of each but also analyse his financial situation. Before you start considering which type of home you aspire for and whether you can finance it, you should appraise your situation in life. Does it lend itself to owning a home? What do your mid- and long-range plans look like? When it comes to the topic of your situation in life, we've collected some things to consider on the following page which should help make your decision somewhat easier.
Check your financial viability
Make sure that you can afford to buy a home at all given your income and savings. Under the heading «Financial viability» you'll find the most important rules of thumb.
Determine your homeowner personality
Besides detached single-family homes there are other types such as semi-detached houses, row houses and condominiums. Consider well which type fits in better with your needs and budget. You can find a detailed article reviewing the pros and cons here.
Weigh the pros and cons
Under each heading you'll find aspects that speak both for and against owning your own home. Read them through and weigh for yourself the pros and cons.