Finding Your Next Home: Buying or Renting?
If you ask anyone, buying a house tramps renting any day because one day after you finish paying the mortgage, the house will be yours unlike renting. If you are going to be spending more than 30% of your income on housing, the wise choice is to put it in something that will be yours one day as opposed to just throwing money away on rent. However, there are extenuating circumstances where renting makes more sense than buying a home.
Here are the different factors that make both options viable:
If you are going to live in that town or city for less than a year or two, renting makes sense because you will just pack up and leave without any strings attached.
If your finances can’t allow you to own a home, then it’s better to rent until you are more financially stable. Owning a home entails more than just servicing the mortgage. You have to pay insurance cost, landscaping, repairs, utilities, property taxes, cleaning and homeowner’s association dues. All these costs can add up to a very big sum while renters only pay for rent and leave the rest to the landlord. Don’t rush to tie yourself down to a mortgage and then have the house repossessed for failure to pay.
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Buying a house requires that you save at least 20% of the cost as down payment even as you wait for a lender to pay for the rest. 20% can be a lot of money that most people can’t raise while you don’t need to raise any capital to rent a house.
When you buy a house you make a lifetime investment and your monthly mortgage payments are not going down the drain as the house will end up being yours. Depending on where you live, sometimes the rent can be more than the mortgage meaning you are better off just servicing that mortgage once and for all.
Other financial advantages
Buying comes with the advantage of tax deductions because you can deduct your mortgage interest on your taxable income and save money. Additionally, even if one day you decide to move to another place, you can always sell the house at a higher price and make some profit because properties seldom depreciate in value.
There is security in buying a house unlike renting. Apart from the fact that you can’t take a loan against your house, no landlord will ever come to kick you out as long as you pay the mortgage. You can do anything you want to your house including refurbishing, repairs and even knocking down walls; these are things you may not be able to do in a rented house.
Depending on your current circumstances, you can chose to either rent or buy a home. Think about what you want for your future and how much you can be able to spend on housing alone before making that decision.
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