Advantage Of Renting Or Buying A House

Many people do wonder if buying a house is the right option for them. When people start to wonder about their financial situation, the decision of purchasing a house can change people minds sometimes easily. However, there are several benefits to buying a house. Yet there are drawbacks too, which means renting may be the next best option for them. The right way to know whether purchasing or renting a house is the better situation; the person must look at their situation carefully and clearly in order to make the right decision.
There is no right answer when it comes to determining whether to buy or rent a house. But there are several ways in which people can consider before making a decision. Today, people have an option of rent to buy houses.
This About Homes type is very beneficial especially to the younger generation who are opting for this type of housing method.
Choosing this option will benefit them in the long run, the rented property they are currently living can be owned by them at the end of the lease period. However, there are some people who prefer to buy their own home directly once they have save a sizeable amount of cash. While, there are some who prefer staying in a rented home.
• Advantage of renting – renting costs less money and the down payment for a house can be invested in a savings account for higher returns. The renter has limited responsibilities. No maintenance is required. All repair costs is borne by the landlord. Less tax impact for people who opt to rent and also they can avoid any property taxes. The rental amount is fixed therefore it is easy to budget the expenses. Renting gives a person more freedom, flexibility and mobility. Renting requires less deposit or no down payments. If you need to relocate, it is easier and less costly to move.
• Advantages of purchasing – owning a house is one-go payment amount unlike rent there won’t be any increases in the future. Purchasing a property gives the owner the rights and control over the property. It is a valuable asset which can appreciate in value. Home owner can have tax advantage, property tax and interest can be itemized as tax deduction. Less restriction to abide than renting a house. Buyer can have better credit rating when mortgage payments are made on time. Freedom to decorate your home according to your taste and environment. Owning a home will also give you time to get more involved in your community and get to know your neighbors.