To buy or to rent property

/ published 8 years ago

To buy or to rent property

What would better suit for you a bought home or a rental

Are you planning to move in with your family or looking for a nice place to live in a decent neighborhood? Are you considering to buy or to rent a house or apartment?

Let me explain the terms buy and rent. Buying or trading, considers a transfer of ownership, goods or some sort of service, between a buyer and a seller. The trade can be the exchange of goods or services or for money. Renting or hiring is an agreement made for temporary use of a good, service or property owned by another person. So there is a huge difference between these things.

There are a lot of considerations you must make and risks you must take when making this decision. Renting and buying both include a number of pros and cons, and your own financial situation may be the biggest factor of all. You have a lot of advantages and disadvantages on both decisions.

Let me explain to you the advantages and disadvantages of buying a property or renting one.

By buying a house or apartment, one thing is that you can take advantage of the tax breaks for homeowners. Because a homeowner can deduct his mortgage interest, payments and property taxes and this will offset the cost of your housing. If you bought a house you can build up equity, your home can increase its value per year. If it doesn’t increase you will still build up equity while you pay your mortgage. You have the freedom to do with your place whatever you are in the mood. But not everything is a light path, buying a house has its disadvantages. By buying a house you have to take the fact that a home isn’t a toy and it requires a lot more than just buying it. For example you must pay property taxes, you must pay your own maintenance, and it requires a lot of investment into building the place as you please. These are some of the primary things you might wish to know if you’re considering to buy yourself a new home.

If you have a flexible career or you have to be outside your town during your work or something, renting is a lot better option. It’s much easier to move every month than to travel miles to your location. In a rental no maintenance is required, so if anything gets broken in the building just one call to the superintended can fix your problem. The bad thing is that you don’t receive tax benefits and that your monthly payment can increase. Decorating or painting your apartment can’t be done if the owner approves it.

The decision is up to you, what would better suit for you a bought home or a rental. It’s not an easy decision to make, and I think by explaining the differences to you can make your decision a lot easier. Either you are a traveling type to choose the rental or you want to settle down in one place, make your choice.

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