A home is one of the necessities of a person. This is especially vital when starting a family. But owning a house can be very expensive and if you buy in instalment, there is a chance that the interest rates will continually go up. Your consolation is that after years of payment, you can it yours and live there for free. You can even rent it out to generate additional income. Renting, on the other hand, can also be expensive. At times, renting for years may be far more expensive than buying. Worst, after all those years, you still can’t call the property yours. Thus you need to do some serious thinking on when to buy and when to rent your home.
Benefits of Buying
Buying a house is a good thing. But it is not always the best choice. There are some instances in life that it can work against you and your resources. Here are some of those circumstances:
- It is yours. Buying a home is one of the biggest decisions you have to make in life. It can actually ‘hurt’ you financially which is why it is recommended that you take a lot of time to think your decision over. But there are more ways to own one than you can imagine than buying it in cash. You can get a financing from a bank or a lending company. But there are complications if you buy your home in instalment. Among these things is the increasing interest rate, which can actually go up in a rapid phase. This is where buying in cash becomes a better choice. As soon as you pay, the property is already yours. You can now live here for free. And in case you lose your job, you don’t have to worry about mortgages.
- Increases in value. You can alter and improve your bought home without a landlord you will need permit from. And doing this will increase its value big time.
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Benefits of Renting
- Allows you to be flexible. Renting can be a good thing especially if your job is not as stable as you wanted it to be. It allows you to move anytime you need to. This is also a good thing if you and your housemate are no longer in good terms. You can easily settle everything by taking what belongs to you and opting to leave or keep the rented unit.
- Arguably less expensive. Some homes for rent are less expensive than buying, although there are also some units which monthly rates are higher than those properties you can actually buy with the same amount.
With these considerations raised above, you can now easily decide when to buy and when to rent your home. All that you need to do now is ensure that you can actually support the rates of whichever you choose from the two. Also, if you don’t want so much hassle in the search, you can find yourself an agent or two to help you.