Renting or Buying?

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January 17, 2018 by realestateresource

Renting vs. owning is a debate that continues to rage among the renters and experts endlessly. Both have their individual pros and cons with one or the other being suitable for individuals at different points in their life. If you can live freely without any responsibilities by renting, you invest in your future by owning. Here are some points to consider before making a decision.

The decision is yours

If you are young in your twenties, you do not know where life might take you depending upon your career and lifestyle choices. This is when living in a rental is a smarter decision for you. However, if you are settled in your career or sure of your direction, it can be a wise decision to buy a house.

Are you ready to handle the monthly installments?

You must be fully prepared to meet the monthly obligations towards the lender when deciding to buy a home. Consider whether you are prepared to honor the financial commitment for a long time period of 15-30 years or not. If you can afford not just the monthly payment but also the property taxes, insurance, and the expenses on the maintenance of the house, it may be time to buy a home for your family.

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Rents are increasing with each passing year

Median rents are going up in all parts of the country. Why continue to pay increased rent month after month to your landlord when you can have your own house in the same amount of money? This house will be a solid investment into your future as it’s price can continue to appreciate with time. Owning a house comes with added responsibility of taxes and insurance.

You can carry out upgrades according to your liking and requirement

No matter for how many years you have been living in a rented property, most landlords do not allow you to carry out upgrades, and sometimes repairs. But you are the boss when it is your own home and you can modify or repair as and when you deem necessary. One point in favor of tenants is that the cost of repairs and maintenance is borne by landlords whereas you have to empty your wallet for repairs when you are the homeowner.

Buying a home is always a smart move providedyou are financially ready for it. You are creating personal wealth whereas renting is using someone else’s wealth.

Thanks for reading!
-Lu

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