Houzez

MAINTENANCE COSTS

The maintenance costs of these two assets are different. Maintaining a house is not as expensive as maintaining a car. Houses do not require regular repairs like cars. And if anything, most home repairs can be taken care of by the owner without professional help. This keeps the cost down. Most experts put the annual maintenance cost of a house at between 1 to 4 percent of the value of the...

REVENUE POTENTIAL

A house is an avenue to build long-term wealth. To begin with, with a house, you can take equity in the property and use that money for other things. For example, if your business needs capital for expansion, you do not have to look further than your house. Actually, you can even use that money to buy a car if it becomes an absolute necessity. So it makes sense to buy a house first because of the...

WHICH ONE MAKES MORE FINANCIAL AND BUSINESS SENSE?

Before you get into any financial commitment, you need to establish the impact it will have on your liquidity and that of your business. For example, a house requires a bigger down payment compared to a car. Also, buying a home may mean getting yourself into a long-term financial commitment that may take very many years to accomplish. Are you able to do that? On the other hand, purchasing a car is a...

HOW IS MY CREDIT STANDING?

A final thing to keep in mind when deciding if you should buy a house or car first is your credit score. This is if you plan to acquire your house or car on loan as most people do. It is important to consider your credit standing. Can it allow you to get what you want? For example, to get a mortgage loan approved, you need a very good credit score. On the contrary, getting a car loan is much easier....

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