In spite of the historical low of the mortgage rates, prices of homes persist on going up. You might ask yourself if now is the right time to purchase a home. Probably, you might contemplate on what suits you best, buying a home or renting one? Undoubtedly, this is one of the hardest and biggest decisions you will make. Both options have advantages and disadvantages depending on the places you want to live. Before making a decision, ensure that you know more about buying and renting.
When you begin your home search, your instinct would be to look for homes for sale. However, it is worthwhile to consider if buying is the right path for you or renting one would be more suitable. Consider your personal conditions, the time you plan to live in the house and what you want from your new home.
The Benefits of Renting:
When you rent, you will not bear the burden of a big debt staring you in the face. You will not worry on losing your home and the amount of money you invested towards it.
You will not be responsible for any mechanicals that break down or do not work in the property. You just have to give your landlord a call and he or she will take care of it. This means you do not have to spend each time something goes wrong.
One of the biggest advantages of renting is a lesser liability for you as a tenant. For example, if someone gets hurt while he or she in your property and it is not your fault or your intention, you will not have to worry on being sued. Usually, the insurance of your landlord will handle it.
The Benefits of Buying:
One great benefit to buying a home is that you are the sole owner of it. You can do anything on your property that you cannot otherwise do with a home that you are renting. You can opt to paint the wall interior or add tiles where you want and you can change anything that you do not like or want to change. Doing changes can have an added benefit of increasing the value of your home.
When you buy a house, you will build equity for it. Although it is true that most of your payments will go to paying the interest of the mortgage, a portion will go to paying down the mortgage amount.
Even though buying a home can mean a big debt, as soon as you have paid off your mortgage, you will have no more worries of losing your home and you will no longer have to make monthly payments. You can spend the money on many other things.
There are still more benefits to buying and renting. The important thing is that you are able to come up with a decision based on your preference and what suits you and your family best. This will let you make an easy and quick decision. Make sure to weigh your options carefully and do a research before you decide.
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