Owning a house has been one of the biggest goals of each individual. It is even considered as a rite-of-passage into adulthood for some people. However, the one question remains in every potential home buyer - "should I rent or buy a house?"
There is no straightforward answer to this question. It all comes down to the buyer's personal preferences, circumstances, and the current market conditions. Since the answer to this question boils down to the buyer's preferences, here are some useful tips and factors to consider when looking to buy or rent.
Buying A House
Future investment: If you own a property and you have a repayment mortgage instead of interest only mortgage, you will be investing in your future and creating a valuable asset at the same time. Your periodic payments are not going to your landlord's pocket. No matter how the value of your property goes up or down, at the end of the mortgage term, you will absolutely own your property.
Freedom: If you own a property, you can do what you want with it as long as it is within the local building codes. You will also have complete control of your home, and you won't have to live by the landlord's rules.
Community: This is another advantage to buying a house. You will become a part of an existing community which makes up the church, shops, and schools. This will also help you form friendships within the community.
Renting A Property
Flexibility and mobility: Renting a property allows you to live where you want. Typically, rental contracts will last for about 6 months; thus, after that period, you can move to a new location. Renting is also beneficial if you are still young or your move a lot. A rental lease will provide you the flexibility you need to easily move whenever you want.
Freedom from financial responsibility: If you are renting a house, you don't have to deal with housing market conditions. Although need to pay rent monthly, you are not tied to monthly repayments on bigger home loans.
Zero maintenance costs: Since you are only renting the property, the landlord is the one responsible for the maintenance and repair costs of the property. When something goes wrong with your property, you only have to call your landlord and he/she will take care of it. For this reason, you can spend more time doing the things you need to do instead of spending your time repairing what needs to be repaired at home.
Amenities: There are some condominiums and apartment complexes that have good amenities that you won't get when you own a house. For instance, some condominiums have a public pool or a fitness gym which you can use anytime.