We often hear this a lot. There is a fair amount of people who truly believe that buying is better. However, there are also people who think that renting is a much better and safer choice. This confuses so many buyers.
Should I buy this property or should I just find one to rent?
This is one of the most asked questions by a lot of first time owners. That is why we are going to tackle the different advantages and disadvantages when buying and renting your home in the hopes of enlightening everyone who is on the look out for which option is best for them.
Advantages of buying
- You are spending money on a property whose value may potentially grow in the future.
- There are many good interest rates waiting for you; as it is in their historical lows.
- Having a home of your own can place you in a good financial position in the foreseeable future.
- With your own home, there is no need to worry about angering a landlord when altering the designs of the property. If you break anything, you can simply have it repaired.
Disadvantages of buying
- Because of possible high property prices in the neighborhood you would like to live, you may be forced to buy a house in neighborhood you do not really like because it is the only place you can afford.
- There are other fees to consider aside from just the property itself. You have to set aside money or other expenses such as for maintenance, bills, repairs whenever needed, and interest rates.
- Should you wish to buy a home, you will be required to prepare a deposit. This may take you a long time before you can acquire a significant deposit and doing so would mean sacrificing a lot of your spending habits.
Advantages of renting
- You can live wherever you want since you won’t have to worry about property rates in any neighborhood.
- You can move whenever you want to and as often you wish to.
- Should there be any breakage of some sort, you are not the one who has to pay for it. There is no need to worry about paying for maintenance fees and the like.
- Most of all, you can rent as soon as possible since you won’t have to worry about having to prepare a huge deposit.
Disadvantages of renting
- Basically, you are spending a good amount of your money on a property that isn’t really yours.
- You can never be certain with regards to monthly rental payments.
- Sometimes, you may end up with a terrible landlord- increasing rent whenever they please or have rules you are required to follow.
There really is a lot of factors that a potential buyer should consider such as financial resources, currents needs, and lifestyle. The best path to take is to thoroughly research and consult with a broker. Expert advice is necessary to help you understand where you are in life and what it is you can afford right now and in the near future.