The subject of renting or buying a house has risen to be one of the most debated topics in today’s market with an increasing number of people confused about which is better suited for them. Renting seems like a cheaper option although buying a home seems like a good long-term investment.
This article will look into this subject as we try to determine which of these two options is the best.
Advantages of Renting a house.
1. No maintenance Costs.
Renting a house means that any repairs or maintenance that may be required is subjected to the landlord and thus you don’t incur any extra costs considering the fact that some repairs can be quite expensive.
2. Less paperwork and less down payment.
Compared to buying a house, the paperwork required for renting a house is quite small and a few legal documents are required. Also, the amount paid as a down payment is significantly lower compared to that of buying a house. cosmos values real estate will even assist you in filling the paperwork to make the process easier!
3. Freedom of Movement.
Once you rent a house, you can easily move from any place you want and move to different places without a heavy load on your back. Buying a house means that wherever you go you have to come back to the same place and thus limit your movement. Renting is therefore ideal for frequent travelers and tourists.
4. No worries about decreasing house value.
When renting a house, all your worries are on the lease agreement and thus the value of the house doesn’t concern you. This is, however, a big cause of worry among homeowners since the will undergo huge losses when selling the house.
Advantages of home Buying a home.
1. Long term Investment.
Homes, when taken good care of, will increase in value as the years go by and thus offer a great investment in the future. Owning a home, although expensive at first, becomes cheaper than renting since the value of rent tends to increase with time.
2. More privacy.
Unlike rented homes where you can easily be relocated at any time, buying a home ensures total security for you and your children. It also ensures that you enjoy the utmost privacy since you are living alone.
3. Fixed Mortgage rates.
Unlike renting a house where the landlord can easily raise the rent after your contract is over, buying a house assures you that you’re the mortgage is fixed thus you don’t have to incur unexpected raises.