Consider weighing out all the benefits and risks of owning and renting a house before making the final decision.
When you rent a house, you have the luxury to move to another place once your lease ends. When something is broken or damaged and needs repair, you can just contact your landlord, and they will be the one to reach the repairman for you. Repair expenses can also be cheaper and more predictable. Renting a house also means that you are well aware of your budget and monthly fees.
Renting a house means that you do not own where you live. When the landlord tells you that you have to leave, you have to go. Although repair expenses are cheaper and less stressful, there can be the possibility that the repairs may be delayed. As a renter, you are not in control of the rent expense; you must agree if there is an increase or consider looking for another house.
Owning a House: The Benefits
When you own a house, there are many intangible benefits: stability, ownership, pride, and a sense of belongingness to a community. Because you own the place, you are in control of all the expenses. The monthly mortgage is usually fixed, which means that monthly costs are stable.
Owning a house means that you cannot just change where you live whenever you want to. Expenses may also be higher compared to renting a home. Maintenance costs are more expensive, and equity does not always show up promptly.
What’s Best For Your Finances?
The final decision as to whether you should rent or own a house will depend on your income and vision in life. Consider all the expenses that will be included when deciding not to regret your decision later on.
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