zack childress-The question of renting or buying a property is one thing that we are faced with many times. In this regard, one should take into account several factors. Now let’s look at the advantages and disadvantages of buying and renting.
Pros of buying a home
- There is a great feeling of ownership when individuals own their property. They can carry out whatever renovation that they desire and they are not answerable to any other person, only perhaps from the building contractor.
- You gain some respect from your friends circle when you own a home.
- Capital appreciation is something that should be considered when buying a home. The prices of properties have risen considerably over the last 5 decades.
- As far as single family properties are concerned there are more properties that are put for sale compared to those that are given for rent.
Cons of Buying a House
- When you are planning to sell your property then it could take a long time. In case you are in a position to shift to some other place then it might be something daunting.
- The home prices are not always inclined to see a surge.
- You are supposed to part of with a huge down payment when you are purchasing a home.
- There is lot of financial stress involved in purchasing a home. When your financial situation sees a change then it can be threatening.
Pros of renting a home
When you rent a property you are free to shift at your convenience. The lease agreement will have some regulating terms when you move, but in case of shifting to another place you can carry it out in a short span.
When you own a home you are expending lot of money. There is something called the periodic maintenance that can cost you a huge amount. When you rent a property you are don’t have to bear such costs.
While owning a property calls for a down payment renting doesn’t.
Cons of renting a home
- When you look for choices several rentals are not available as they are available for sale.
- Generally the landlord doesn’t prefer the renters to carry out renovations to the property. This makes you feel as though your freedom is restricted.
- Buying a property usually doesn’t give the chance for the consumers to face a surge in rents. Buyers are also making use of the borrowed amount to buy a property that will probably appreciate in a huge span of time. However there is probability of failing as well. Having said that, when you possess a home it has a real value attached to it.
When you consider owning a property especially for those who plan on residing in a property for a period of over 5 years or more than that, then the benefits of owning is convincing. A mortgage works like a savings plan that is enforced on you. This is keeping in mind that you are paying the specific bank lots of money as interest so that your equity is increased.