To Rent or To Buy
The Mystery is Solved
Buying a home is generally considered to be one of the largest investments that the average person will make in their life. If this decision is made with the right information in mind, it can be eventually be quite liberating. If on the other hand the wrong decision is made, financial ruin can be the result.
For this and other reasons, choosing whether to rent or buy a home is a huge decision. This article will take a closer look at this subject and help to educate our readers along the way. It will answer some questions that are relevant to the topic along the way. These questions include: What are some of the benefits of renting a home? What are some of the benefits of buying a home? Should I rent or buy? Finally the answer...
What Are Some Of The Benefits Of Renting?
Renting offers some definite benefits as compared to buying. These include:
Provides time to save money
Many lenders now require borrowers to pay hefty down payments when purchasing a home. By renting for a few years, prospective home owners can put enough aside to handle the down payment without breaking the savings account.
Freedom from constant upgrades and repairs
When someone owns their own home and something breaks, the homeowner better be ready to take care of the repairs - because chances are no one else will. By renting, individuals can avoid these recurring costs and apply the resulting savings toward other needs.
Freedom
When a family purchases a home, they are making a big commitment to that community as well. If they would like to move all of a sudden, they will have to find something to do with the house first. Renters have no such qualms. Simply get out of any outstanding lease, find a new place, and leave. Couldn't be simpler.
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What are some of the benefits of buying?
Buying a home obviously offers many benefits as well. Some of these are:
Builds Equity
This may be the main benefit of buying. Once the mortgage is finally paid off, the full market value of the home becomes available to the owner. And even while paying off the mortgage, equity accumulates and can be used for other purposes.
Long Term Investment
If a homeowner takes good care of the home, it can actually grow in value over time. Thus, the home can end up being worth more than it was when it was purchased. Good stuff.
Space and Freedom to Alter the Home
Another great benefit of owning a home is the additional space that it provides for a growing family. Also important is the freedom it gives the owners to design the home and the property in the style they most appreciate.
Should I rent or buy?
So now for the million dollar question: Rent or buy? The best answer will depend on the specific circumstances of the person in question.
For example, if a person has a job that requires them to frequently relocate, buying a house may be the wrong move. On the other hand, if an individual has decided to put down deep roots in a specific place, buying would probably be the better move. So take a careful look at yourself and your special personal situation, and the answer should be immediately clear.
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