Getting your own place sounds very exciting. However, with the high prices and many available choices, the question is: to buy a house or to just rent? The number one thing you should consider with this question is the cost. You have to determine whether renting or buying would be less pricey and less of a hassle. Let’s see!
Benefits of Renting a House
- There will be less paperwork and less money involved. For rent, you only have to pay the monthly cost and, maybe for some, one month advance and a security deposit. Not much paperwork is needed other than maybe proof that you’re a good payer, and identification.
- Leave the damage responsibilities to the landlords. If there’s a damaged pipe or leaking faucet, you can tell the landlord right away and have it fixed. Although you may have it repaired yourself, there are some places that have complicated layouts you might not know about or the landlord just want to make sure his/her property is alright.
- Since it’s not your property, you don’t have to worry about property tax bills.
- You also don’t have to worry about decreasing home values.
- Paying your monthly rent on time, as well as your electricity and water bills, this will help you build your credit. Make a good image of being a responsible payer for future benefit, like for example applying for a loan.
Benefits of Buying a House
- Usually, when buying a house, you get into applying for a house loan or mortgage program. This will also help you build equity and credit.
- The house is yours, don’t worry about answering to landlords. Your house, your rules.
- There are possible tax benefits available for you.
- Because it’s your house, you can freely make improvements and upgrades as much as you’d like. You also don’t have to worry about being too careful and noise conscious unlike when you’re just renting.
Reasons to Rent a House
If you’re not sure if you should rent or not, you could very well determine the answer by thinking of how long you plan to stay in a place. Renting is the perfect option for those who have unpredictable work or family situations and those who are regularly on the move. This is also the better option for those people who cannot afford and cannot be bothered with maintenance or repairs. Lastly, this is option favors those whose finances are not yet very stable and the fact that they might not be able to keep up with the loan/mortgage payments.
Reasons to Buy a House
First and foremost, a house is a great investment. In fact, any property you buy is a great investment if you only use it properly. Buying a house is perfect for people with families, those couples who plan to settle down and have a family, or simple the people who plan to stay in one plane for more than a few years. Buying a house also means that you’re willing to rent out a part or your whole home when the need arises.
So what do you think? Will you rent or buy? While you’re still in the middle of deciding, always remember that “Home is where you feel loved, appreciated, and safe”. Best of luck!