Should We Rent Or Buy A House
Economic wise, there are obvious advantages and disadvantages of either buying or keeping renting a house. Most people are never sure of what would be the best thing to do. Is it renting or mortgage? Maybe a clear or apparent look at the two could provide some insight and some knowledge to advise on which would be better. However with the two having both advantages and disadvantages, it is entirely up to a person to think critically, look at the two options and choose or select one that best suits him or her.
Buying a House
To start with, it has its benefits. If one could afford to buy and thus own house, there are some issues one would void as well as enjoying some benefits. Once one has the money to purchase a house, one can buy one. After buying, one is free form keeping constantly looking for a house. You are not worried about finding a place to love. Another advantage is that the home you purchase could improve in value. Once this is the case for you, you can afford to purchase a better or a bigger house for your home. This is vital especially during the retirement era. When you have a house, it is possible to make any changes as well as the improvements without having to consult the landlord. Sometimes, having your home is somehow cheaper than renting a place to live. Some issues related to purchasing a home is that it may be a bit difficult to raise the money you need to a home. Sometimes, it can be very expensive reaping your pockets of every penny there is. Still, it could be likely that the value of the home you purchase could fall with time. If this is the case, it’s difficult to sell at a desirable price. Maintenance cost, as well as fixing, can be a little expensive for you. You may not have some finances for other things including entertainment and meals.
Renting a house
Renting a house is a good option for individuals whose income is low. If one cannot afford to buy a house, then renting is cheaper. It is also possible to move out of the rented home any time you feel you need a change. At the same time, it has disadvantages. The cost or renting may be high and, in the long run, higher than that of purchasing a house. Also, one cannot make improvements without informing the landlord.