Buy Vs Rent a home has always been a topic of debate. Several people have several points of view. This decision is crucial and you need to take it very seriously. The most important thing is analyzing all pros and cons related to renting and buying a house. After analyzing all these you will get a clear knowledge about benefits and disadvantages related to both. Then it will be easier for you to take a final decision. When you get ready to make that purchase decision, check out Charleston Mortgage Place at: http://charlestonmortgageplace.com, for the best mortgage rates Charleston has to offer.
Renting A House
Many people prefer to a rent a house more than buying it. Sometimes you may even be able to lock in a lease option with favorable terms, a good move if you need more time to secure a mortgage. Here are the pros and cons of renting a house –
- For any kind of maintenance of the house you can contact the landowner or superintendent.
- If you have any chances of getting relocated to another city or state then it is easier to move.
- If you are not happy with the environment or you have got a better place for rent then you can easily shift there.
- When you are on rent you are paying money for living or staying there. You are not building any equity for your future.
- You cannot renovate or paint on your wish without the approval of owner or consulting with him/her.
- Rents are always rising and you may face increase in rents monthly.
Buying A House
When you are buying a house, you are the owner of that house unlike when you are on rent. Look at the Pros and cons of buying a house to decide finally on Buy Vs Rent a home topic –
- You can build equity as then value of the property is always increasing. It is like an asset which can yield a lot of money in future.
- Being a homeowner you can take the benefits of the tax breaks.
- You can renovate, paint or upgrade anything you like whenever you wish to.
- You have to pay a lot for the maintenance of the house. You also need to indulge a lot of time for regular maintenance of the house.
- You have to pay property taxes for owning a house. Property taxes can also go up making it difficult for you.
- If you have chances to move to another state or city then you have to find a tenant for a customer to sell it.
So, you have to now decide from this Buy Vs Rent a home analysis. If you think buying is better than renting then go for it. And if you are ready for investing a lot of money for buying, then buy an asset for yourself.