The debate about buying versus renting a home is an unending issue yet too important for us to know. Weighing both the benefits of it, will surely make up our minds.
Buying or renting depends on the life requirements or needs you have. The way you want to live your life will match your need of buying or renting a home.
To make up our minds, here are some points to ponder on:
First, renting an apartment or home has a less work to maintain it. It is true that renting a home or apartment does not need too much care. Because, we always feel that it is not ours so why beautify or maintain it regularly. Hence, renting will not cost us hundreds of pennies to repaint, remodel, reconstruct, or revamp it.
Second, there is just a small amount of money involve in renting such as up-front cash. We do not need to save up thousands or even millions of dollars to have a shelter. A shelter that matches our financial capability will do like renting a home or apartment.
Third, when the lease is up, we can simply move to other rentals. We do not need to settle for a home or apartment that we can no longer afford. The competition of home or apartment rentals is high so, the people have many choices to choose from.
First, we can remodel and redecorate the home as much as we want to. The decorations and styles can match our desires. No need to worry about the revamp costs because it is ours, our investment.
Second, the (market) value of home increases over a period of time. But our mortgage does not increase, we only pay the amount when it was bought. Home is considered as a greatest investment. When we are out of money, we can sell it in a much higher price than the time we bought it. Keep in mind that the value depends on neighborhood and how it looks good over a period of time. Hence, a regular maintenance is a must!
Third, settling in a community. When we own a home, community goes with it. We also become part of a community. Our world gets bigger by getting to know our neighbors and being involve on some projects as a volunteer.
The choice between renting and buying a home is always up to ourselves. Our choice depends on how we want to see our lives in the future and the comfort in life we are looking for. The pointers are just your guide to make your choice. Do not be pushed to something you cannot commit over a long period of time.