This is a guest post from Jack. He discusses the options of renting vs buying. We have been going over this the last year, my husband and I. We did want to sell our house and rent, but we are staying where we are at this time. I think what it comes down to is what works best for your family and personal situation. No one is exactly the same. Ultimately you should aim to own a home I think, but renting has it's benefits too. This posts gives you the pros and cons of both. What are your thoughts?
Let’s Talk About Renting And Buying: Which One Is Better?
This looks like a crossroad, does it not? Whenever the topic is about real estate there seems to be a never ending dispute between renting and buying and which one is better. So for those who still cannot decide, let us take a look at the benefits and disadvantages of these two.
Benefits of buying a house
• If you are thinking of buying a house, you do not need to hunt. There are lots of houses up for sale and the only difficulty that you will experience is choosing which house to buy.
• Now, when there are lots of products available, it always follows that the price is low. This is where the law of supply and demand works for you. If you buy a house these days, you are in a better bargaining position thus you will surely get your dream house for a dream price.
• Aside from low prices, interest rates are also at a low.
• Your house is your castle and you are the king (let the term apply whether you are a male or a female). Being the owner of your home, you have the right to design it anyway you want and you won’t have to worry about rules and regulations.
One disadvantage about buying a house is that it is quite taxing and draining physically, emotionally and financially. Physically, because you really have to take the time out to look at the house that you are planning to buy; emotionally, because it is but natural that you will feel a little anxious about taking such a huge step and huge responsibility; and financially because you will have to dig down deep in order to pay for the down payment, mortgage, interest, and tax among others.
Benefits of renting
• It is less expensive than in owning your own house because you only need to pay for a fixed amount anytime
• You have the freedom to move out and transfer to another location
• You will not pay for maintenance and repair
The disadvantage of renting on the other hand is that you keep on paying for something every month and for nothing. It is like you are giving away your money for no return except the temporary shelter.
So now what do you think? Should you rent? Or will you buy? The deciding factor between renting and owning a home actually depends on your current situation. See whether you are ready to take on the responsibility of owning a house and investing in your future or if you still have plans, like a career move that may take you someplace else, then renting would be a better option.