Buying a house is exciting and complicated at the same time. Understanding the process is a good first step before starting the journey. I put together these steps that will, hopefully,
Should you Rent or Buy a House?
Dated: June 11 2021
You are probably asking yourself if you should rent or own a house. That is why you are reading this. I will do my best to outline the pros and cons of each to help you make an informed decision. A decision like this Should not be taken lightly because whatever you decide will affect your lifestyle and your financial health.
So, should you own or rent a house?
Let me start with the Pros of Owning a House
YOU ARE THE BOSS
You own the property, so you can renovate it to your liking, a benefit that renters do not enjoy. You have the freedom to create your dream home, which provides a sense of comfort that it is your little corner of the world.
FIXED MONTHLY PAYMENTS
You will not need to worry about increasing monthly payments because buying a house means having a steady monthly fixed-rate mortgage. You will be able to predict your expenses for the long term.
YOU CAN BUILD EQUITY
What is EQUITY? It is the amount of the value of your owned property. Your equity grows when the market value of your home increases. The selling price becomes more valuable depending on the market.
Cons of OWNING a house
You can get carried away with building your dream home, which would affect your utility bills. It is important to note that the bigger your house is the higher utility bills will be.
MAINTENANCE AND REPAIRS COST A GOOD AMOUNT OF MONEY.
Keeping a house in good shape takes a lot of money. Over time, the appearance of your home will lose its beauty. You will require additional investment to keep a house well maintained.
Unlike renters, homeowners cannot just leave their keys and move. They are responsible for the house. For example, you get a job further from your home. It is difficult for you to pick up and leave. You will most likely need to sell, and it may take time.
Now that I got the pros and cons of owning a house out of the way. Let me tackle the Pros of Renting a House
You can give your landlord a month's notice if you wish to move. It is especially beneficial for professions that require frequent moving.
FEWER CONCERNS ABOUT DECREASING PROPERTY VALUE
Increasing and decreasing property value is an issue for homeowners and affects them in a big way. Things like that do not need to concern renters.
FLEXIBILITY TO DOWNSIZE
Unlike homeowners, renters can downsize to a more affordable place when their lease agreement is over. It is especially important to retirees who want a less costly alternative that can match their allotted budget.
Cons to Renting a House
BOUND BY RULES
Renters are bound by the rules in your lease agreement. You will not get the freedom to make any home improvements. At times, rules include banning pets and bringing in visitors.
You have to prepare for the possibility of moving out earlier than planned. Landlords are allowed to ask you to leave just by giving you a 30-day notice.
VALUE IS OFTEN UNAPPRECIATED
When renting a place, one cannot see it as their home but as a temporary arrangement. This makes it difficult for renters to value the home. You will not be able to invest in anything, and you have to be content with what you have.
There is never a clear answer on whether to rent or own a house. There are factors to consider to give you the right answer. It will differ from person to person. So, you have to ask yourself the following questions:
What best suits me for my financial status and lifestyle?
Do I travel often?
Once you have made a decision, I can help guide and advise you in every step of the way.
My Specialties: Buyer's Real Estate Agent, Listing Real Estate Agent, Commercial Real Estate, Landlord I will work tirelessly on your behalf to make your next home buying or selling experience a plea....
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