Renting or Buying: 2 Advantages for Each

Renting or buying your home may be the one thing that you are wondering before you make such a financial decision. Condo renting versus owning is a very different and there are many aspects that you may want to consider before doing both. Here are two advantages of each that may help you make your future decision.

Advantages of Buying

1. Cost of ownership may be less than renting

Buying your home for a long term investment will result in a cheaper overall cost in the end. Also, your home is your home once paid off, which will save you a load of money when you do.

Whatever you do to your home could help you in the future and keeping your house up to date could improve its value for when you want to put it on the market, if that time ever comes. Do not worry about paying thousands and nothing coming from it when you buy your home because what is yours is yours in the end. You never own your home when renting, you just pay for a place to live, without ever getting something to really call your own. This can be money consuming for someone who is staying at one place for more than four years.

2. Personal Freedom

One major aspect that comes along with buying your home is personal freedom. Your house is your house, so make changes that you want. There is no one there to say that you can not do something.

You have the personal freedom to own as many pets as you want or change how your house looks without having to go through someone that is above you. No one is above you because you are the owner, so do as you please and make it something that you have always wanted. When buying your house, your imagination is the limit, so do as you please and your home could be the oasis that you have always wanted.

Advantages of Renting

1. Lower Insurance Costs

When renting there are a few things to understand, like knowing that you do not have to insure the structure in which you are staying.

Not paying to insure the home your renting can save you loads of money, which you could use for other aspects of living that fit your means. Insuring your home can be quite expensive depending on the area in which you live, so eliminating this stress can help you rest your head a little bit easier at night. Only the items within your house need to be insured through you, which may be nothing if you do not need to insure anything.

2. Simply Costs Less Money

Renting will cost you less money in the short run when it comes down to it. If you are planning on renting for less than four years, then you will save a load of money that would have been spent on mortgage payments, property taxes, insurance, etc.

Typically rent is fixed, so it may include fixed rates for all utilities as well, which can allow you to budget easier. You can save money quicker and not worrying about certain aspects that come along with buying a home could save all the stress that may arise. It is a simpler lifestyle for someone to rent, and it is all preference.

Renting may be the easiest option, or only option, so know that if you plan on staying there for a few years, you may save enough money to help you transition to buying a home in the future.

Hope above mentioned information help to make perfect decision when you Buying or renting home