Renting Vs. Buying A House: Pros And Cons
A huge part of the average person’s dream is buying a house of their own. When it comes to choosing between renting vs buying a house, there are so many factors to consider like: financial health, lifestyle, and personal goals.
Having a regular source of income is important whether one decides to buy or rent a house. Because owning a house comes with some other responsibilities and a certain capability to maintain the said house.
There are some benefits and drawbacks when it comes to renting Vs buying a house, asides from one’s situation. We’d look at them in today’s blog post.
Renting A House Pros And Cons
It is east to explore different living spaces.
You can move around as much as you want with housing.
Your Landlord is in charge of most things in the house.
From the beginning your rent is defined.
Also read: What To Look Out For When Moving To A New Neighborhood
Equity can’t be built.
You are limited in how you customize your space.
Rent could go up at any time.
One’s landlord might choose to sell the house or stop renting.
Limited sense of home stability/permanence.
Buying A House Pros And Cons
Over time, equity wealth is built.
Value of your home may increase over time.
Freedom to customize your space as you want.
Sense of home stability/permanence
A person’s home value may decrease.
Cost of closing can be expensive.
Responsibility for maintenance is yours.
Not so flexible to move houses cause of more expenses.
Conclusion of Renting Vs. Buying A House:
Before choosing which is better than the other, it is important to know there’s no definitive answer to whether renting is better than buying. It all depends on one’s situation, lifestyle, and finance. Weigh both options and pick which one works best for you.
You can always talk to any of the investment advisors at ChaviD Properties at +2349121212126 or +2349121212127 when confused.