Rent or buy a house?
Should I rent or buy a house?
An excellent question and on that has been asked many times in the past by so many people. What are the advantages for renting or buying your house? This may be a better way to go. I guess we will have to look at the advantages of both to answer this ultimate question, “Should I rent of buy a house?
The advantages of renting a house
Well renting your house is a viable option and should be thought about with great prudence. One thing one must realize is that when renting your home you will never own it, you will never build up any equity.
But there are some advantages to renting your home. The biggest advantage comes in the area of maintenance. You as the occupant of a rented dwelling are not responsible for the fixing of the roof, floors or the replacement of your septic tank, or all the big ticketed items. Another advantage to renting is that you don’t have to pay taxes and we hate to pay taxes of any kind even if they are justified. Non home ownership can also relieve a lot of stress in your life because you, as the tenant are not responsible for many of the things a homeowner is responsible for.
Renting will also give you a feel for the neighborhood; will you like your neighbors? Renting will give you your answer and if you and your neighbors can’t get along then you can just reconsider and explore your options. As a tenant of a rented apartment, you are responsible for making sure that your rent is paid on time and that you keep the dwelling clean and tidy.
The advantages of owning a home
One of the biggest advantages of owning your home is that you are putting money into something that are going to own outright and that this money your using to pay off your dwelling is building equity which can be used later on down the road when needed. It’s yours you can do what you want with it, paint it yellow or pink, well pink might be a little extreme and your neighbors may not find it to their liking.
But there are also financial benefits from owning your own home. First and probably one of the most important advantages is that in almost every case your monthly mortgage payments are less then what you would pay for rent every month. You do pay taxes every month, but these taxes can be fixed so that every month you would pay a set amount.
But the biggest advantage that makes owning your home more desirable is that its considered one of the safest investments that you will ever make. Investing in real estate continues to be a solid long-term investment for many households providing wealth accumulation especially for those homeowners that keep their homes for the long term.
Wealth accumulation and the building of equity are two of the biggest advantages for owning your house or dwelling. So the question was, Should I rent or buy a house?
The answer to this question is that you should buy the house. The advantages far outweigh the disadvantages. Buying the house ensures that you build up equity and accumulate wealth which can be used or tapped into when needed in the future. Rent or buy a house is a decision that will depend on your pocket book and commitment to taking care of responsibilities of home ownership.