When the housing market was booming, everybody was excited to buy their own homes. But when things turned upside down, everybody had some doubts on making the purchase. They are now considering renting homes.
To buy a home or to rent a home: people have been battling to make a choice between the two. At this time, people are wondering which among them is the better option. It is not a wonder why people are ambivalent at this point. Both options have advantages and disadvantages that could greatly impact a person’s finances and quality of living.
In owning your own home
If you buy your own home, you can enjoy the benefits of homeownership. The owner can build equity on his or her property over the years. And when time comes, the equity can be used for investment or getting loans to buy your second home. Aside from that, home owners have pride, feeling of security and stability. They have the freedom to do whatever they want with their homes.
If you buy homes now, they are on their most affordable rates. You can buy top-quality homes at discounted prices. The only challenge of home buying is money. People have to raise thousands of dollars for down payments and paying closing fees. Aside from that, getting mortgage is a challenge too. You really need to have good credit scores to get good deals.
In renting homes
If you cannot meet the requirements or even afford the cost of home buying, then you will have no other choice but to rent. But it does not mean renting means settling for less. Actually, this option has plenty of advantages.
If you rent a home, you can be freed from the burden of maintaining the place. And if you have plans on staying on a short span of time, you can have the liberty of moving from one place to another. You do not even have to be pressured on making a sale before you can move. Moreover, you also do not bear the burden of paying property taxes every month. That is one less expense you can keep off your budget.
Making the Decision
As you can see, renting and buying homes poses various types of advantages. And they are applicable on different situations. If a person has plans of long-term stay in one area and he or she has enough money, buying a home can be practical to do. On the other hand, if the person is there for less than a year or two, and has plans of staying long, renting can be a good option. This goes the same for those who do not have enough money for now and for those who wants to test the waters before making a decision to stay put.
Which is a better option: buying or renting? Well, to make the wisest decision, check on your finances and the length of your stay. This is the only way you can determine which is the most practical choice for you.
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