Everyone strives hard just to have their own home and enjoy the pleasures of life. But with each pleasure comes the question: Should a person buy or rent a house? With your decision to either rent or buy a house, the most important thing you should remember is to weigh the advantages and disadvantages of both options. You can seek the advice of a consultant to help you weigh your options in order to avoid stress on your part.
With such concern, the most important things to consider are the advantages and disadvantages of the two options. You cannot afford to be impulsive about this issue. Making hasty decisions would only get you into trouble in the long run. Here are some of the important questions you may be asking yourself upon contemplating on whether you should buy a house or just rent one:
When you rent, you can have a house right away, and have it furnished for your immediate convenience. Its monthly cost is cheaper than buying a house and will enable you to save your money for other things. There will be other expenses, of course, but with the money you save on mortgage, you still have extra to pay off your electricity, water and other utility bills.
When leasing a home, there are also fewer complications for you regarding tax and other legal matters since your landlord would be the one responsible for these. Then again, the disadvantage is that you do not have the privilege of redesigning the structure of the house if, in case, you like to expand some areas of it. You are only allowed to make minor changes to the interior of the house. One more downside to it is that there would be the additional stress for you in having to pay the month's rent. This is why some people get evicted from their homes.
If you are the type who wants long term gains even to the extent of making sacrifices at present, buying a house is ideal for you. Unlike renting a house, the monthly cost may be a little steeper, but eventually it will pay off since you will be able to own the house after completing the payment terms. Your house would turn out to be a good investment especially when you need a huge amount of money. You can either lease out your house or sell it a reasonably higher price.
As implied in the previous paragraphs, owning a house becomes complicated when it comes to legalities. There are lots of paperwork involved with buying or constructing houses. You also expose yourself to the risks of foreclosure when owning a home, which are much severe than falling behind in your monthly rent. Foreclosure is the consequence of a decrease in your income or an increase in your expenses (e.g. unexpected sickness, loss of job, divorce, unexpected major home repairs, and others). The ultimate downside to buying a house is bankruptcy. This is most likely the result of a foreclosure since you are no longer able to keep up with your payments. Moreover, bankruptcy can still become a risk even when you pay your dues on time. How? This could happen, for instance, when you have to sell in a market that's almost scrambling. This leaves you "upside down", especially when the proceeds of your sale are not sufficient to pay off your mortgage.Finally, with deciding to buy a house, you have to pay a big amount, which means that you have to save a lot for your dream to become a reality. Also, maintaining a house requires a lot of effort and time especially if it is new. But what is a little sacrifice today in exchange for a more comfortable tomorrow?
The decision is all up to you. Make sure to research everything about the house you want and look for the most feasible way to acquire it. It would be a great idea to seek the help of consultants regarding your situation. Whether to buy or to rent is a decision that involves careful planning and consideration. You can only push yourself to go for the more practical option in order to avoid regrets in the future.
With such concern, the most important things to consider are the advantages and disadvantages of the two options. You cannot afford to be impulsive about this issue. Making hasty decisions would only get you into trouble in the long run. Here are some of the important questions you may be asking yourself upon contemplating on whether you should buy a house or just rent one:
When you rent, you can have a house right away, and have it furnished for your immediate convenience. Its monthly cost is cheaper than buying a house and will enable you to save your money for other things. There will be other expenses, of course, but with the money you save on mortgage, you still have extra to pay off your electricity, water and other utility bills.
When leasing a home, there are also fewer complications for you regarding tax and other legal matters since your landlord would be the one responsible for these. Then again, the disadvantage is that you do not have the privilege of redesigning the structure of the house if, in case, you like to expand some areas of it. You are only allowed to make minor changes to the interior of the house. One more downside to it is that there would be the additional stress for you in having to pay the month's rent. This is why some people get evicted from their homes.
If you are the type who wants long term gains even to the extent of making sacrifices at present, buying a house is ideal for you. Unlike renting a house, the monthly cost may be a little steeper, but eventually it will pay off since you will be able to own the house after completing the payment terms. Your house would turn out to be a good investment especially when you need a huge amount of money. You can either lease out your house or sell it a reasonably higher price.
As implied in the previous paragraphs, owning a house becomes complicated when it comes to legalities. There are lots of paperwork involved with buying or constructing houses. You also expose yourself to the risks of foreclosure when owning a home, which are much severe than falling behind in your monthly rent. Foreclosure is the consequence of a decrease in your income or an increase in your expenses (e.g. unexpected sickness, loss of job, divorce, unexpected major home repairs, and others). The ultimate downside to buying a house is bankruptcy. This is most likely the result of a foreclosure since you are no longer able to keep up with your payments. Moreover, bankruptcy can still become a risk even when you pay your dues on time. How? This could happen, for instance, when you have to sell in a market that's almost scrambling. This leaves you "upside down", especially when the proceeds of your sale are not sufficient to pay off your mortgage.Finally, with deciding to buy a house, you have to pay a big amount, which means that you have to save a lot for your dream to become a reality. Also, maintaining a house requires a lot of effort and time especially if it is new. But what is a little sacrifice today in exchange for a more comfortable tomorrow?
The decision is all up to you. Make sure to research everything about the house you want and look for the most feasible way to acquire it. It would be a great idea to seek the help of consultants regarding your situation. Whether to buy or to rent is a decision that involves careful planning and consideration. You can only push yourself to go for the more practical option in order to avoid regrets in the future.
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Check out other articles of mine if you want to learn about the real estate industry or learn more about the real estate bubble
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