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Before you rent, it is important that you see the contract or agreement
that your landlord has to offer. This should be reviewed by a lawyer or
a very experienced real-estate agent. Your contract should be kept in a
safe place; and a close friend or family member should also be given a
copy. You must also ensure that you are able to pay your monthly bills,
plus your rent; and still have money left over for savings. In fact,
experts say that you should save at least ten percent of your monthly
earnings before even spending a cent!
Buying a house is perhaps one of the most important decisions in your
life. This is because a house is a huge investment. Notice I used the
word "investment" since you can sell a house in the future or even use
it as collateral
if
necessary. Buying a house usually entails getting a
mortgage.
A mortgage is a loan that you get for your house, for which you are
obligated to repay each month, over a period of time. The earlier you
decide to buy your house, the more varied your options when it comes
to the monthly amount you pay, the terms of your mortgage and the
amount of time you have to repay the loan. Think carefully: this may
• be the most amount of money you invest in your lifetime!
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