What options are better for you? The answer will be different for all individuals because it depends on a wide range of elements. For instance, the cost of living, whether the area you intend to live has high or low property markets, your needs and the list is tiring. Sometimes some questions might pop out in your mind. Should I buy instead of renting? Should I move somewhere else and rent? Let’s try figure out the advantages and disadvantages of renting and owing. This might clear out all your doubts.
Renting! Renting a house or apartment comes with loads of advantages. However, it has some pitfalls too. When it comes to the cost, it is usually cheaper to rent but, in that case, the property on which you are living isn’t yours. This means that whenever you are repairing or upgrading your dwelling place, you are ultimately increasing the owner’s real estate. Imagine you live somewhere for 10 years … At the end of the day, what was the overall added value that you’ve contributed. A lot, right? When you rent, there is a lot of conveniences. No time spent on the maintenance and it eliminates dealing with a wide range of other things. However, when you rent a house, there is no equity. No savings while paying down payment. Renting enables people to make smaller investments which pay in the long run. If you decide to rent, there is the benefit of easily moving if you don’t like your rental. However, when you rent, the landlord can decide not to renew your lease or even sell it to someone else. Then you will be forced to move even if you love your home. Before deciding whether to rent or own a house or apartment, it is important that you analyse all these advantages and disadvantages.
Owing! If you have the wish to own your place, then ask yourself these questions. How often are you planning to move? Can you afford down payment? Do you think you will afford the monthly mortgage payments? Will the bank lend you a certain amount of money? And so on. When you own your place, you will derive a sense of pride. It’s your place and you own it. After several years of improving your place of residence, you will be building equity. What does that mean? Maintaining your home and improving it, gives it equity in the long run. Its value can increase. However, sometimes investing in a real estate is not as liquid as some. It is more stable if you own an accommodation rather than renting. There would be less unfamiliar faces around your neighbourhood. This means that you might develop some long lasting bonds and relationships with your neighbours because turnover of homes is more likely to have permanent residents than changing tenants in apartments. If you want to own a house, there might be some tax deductions. Your real estate taxes and your mortgage interest can in cases be deducted and hence yield lower income tax. There is also some loan potential when owning your abode. Having equity in a place of accommodation enables the owner to borrow money from banks for several circumstances like College Tuition, retirement and so forth. Deciding whether to rent or own your dwelling place comes with a lot of responsibility. Make some thorough research and don’t hesitate to ask questions around you.
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