Renting or buying a home is a very big decision. But there’s one major thing to consider, finance. Your financial status matters a whole lot in making the big decision. As soon as that has been considered, you’ll definitely need to ask a few questions like: how long do I want to spend in a particular environment? How much can I afford for monthly housing costs? Am I in for a long term investment? And it goes on and on. If you probably have accurate answers to those questions, you may be able to make up your mind much quicker. Also, apart from answering the questions, you may also want to measure the pros and cons attached to both renting and buying a house.
PROS OF BUYING A HOME
- No landlord to answer to: You’re basically your own boss. You have no need to worry about a quit notice or sudden increase in rent.
- Loads of privacy: There’s nothing as wonderful as having a space whereby you can actually do whatever you want without being watched by a neighbor.
- Ability to change and upgrade taste of home anyway you want: Having the ability to change your home from time to time is a big flex. And in pronto direct, we sell a range of professional tools at affordable prices which are perfect for first time DIYers.
CONS OF BUYING A HOME
- Decline in home value could lead to money loss: Buying a house is an investment and it may be very terrible when that investment runs at a loss at the end of the day.
- Lack of flexibility: When you buy a house, moving at just anytime you feel like might not be so easy for you.
- High maintenance and repair cost
- Property taxes
PROS OF RENTING A HOME
- No property tax bills: You don’t have to worry about this because your landlord would be responsible.
- Minimal maintenance and repairs cost
CONS OF RENTING A HOME
- Lack of privacy: Sharing a space with different people is not exactly easy. You may have nosy neighbors. So it might be difficult to have your very own privacy.
- Sudden increase in rent by landlord:
- Relocation at short notice if landlord decides to sell the house
- No tax benefits: Being a renter doesn’t come with tax benefits
- Less stability: You may be forced to move due to certain changes in maybe environment, people etc
In conclusion, the choice of either buying or renting a house is a personal decision. Looking through the pros and cons of both renting and buying a house might give you mixed feelings and you may be in a slight confusion. It may be uneasy to figure out which exactly could turn out being best for you. You can always seek professional help from real estate agents. They can help in weighing your options much accurately and make informed decisions.
