If you have a whole year’s rent saved up + security and utility deposit then you have a down payment on a mortgage saved up, what would be the point in renting?
Really curious what places require this absurd 1 year up front, I have never heard of that.
Rent is usually about 8% to 15% of the property purchase price per year globally. Many places that have laws like this require a minimum 20% or 25% downpayment for awesome candidates, 50% is normal down to get a mortgage.
For example most of the Middle East, which has the best real estate market in the world for the past few years, is 50% down to buy plus 8% ish in closing fees to buy. Rent is generally in that 10% range, paid upfront 100% for the year.
If you have a whole year’s rent saved up + security and utility deposit then you have a down payment on a mortgage saved up, what would be the point in renting?
Really curious what places require this absurd 1 year up front, I have never heard of that.
Rent is usually about 8% to 15% of the property purchase price per year globally. Many places that have laws like this require a minimum 20% or 25% downpayment for awesome candidates, 50% is normal down to get a mortgage.
For example most of the Middle East, which has the best real estate market in the world for the past few years, is 50% down to buy plus 8% ish in closing fees to buy. Rent is generally in that 10% range, paid upfront 100% for the year.