One of the biggest dilemmas people face today is whether they should buy a property or rent one. It’s a big decision that needs serious consideration. If you were given a choice, what would you choose? It helps to get expert advice from real estate agents at Maxwell Realty Company, Inc. Asking for their insight and advice will enable you to come up with a sound decision – one that you won’t regret in the end.
Before you make a final decision, you have to carefully consider and weigh your options. Keep in mind that what you choose, whether to rent or own, will impact your finances, your lifestyle and the amount of money you’ll save at the end of each month. If you don’t think about this carefully you may end up paying for a property you could not afford.
The following are the pros and cons of renting and owning. Consider each one carefully and find out which option is more practical for you.
Renting A Property
When you rent a property, you can transfer anywhere you want without paying for penalty fees as soon as your contract lease ends. The downside to renting is that any moment your landlord can ask you to leave if he or she decides to put the property up for sale. It’s also possible that your landlord will convert your property into an apartment or a condo unit. There is also the possibility that your landlord will increase your rental fees to an amount that’s outside of your budget.
Many people don’t want to rent because they think they are just throwing their money away since they won’t be able to own the property. Well, this is actually a myth because one way or another, you’ll need a space to live in. If you can’t afford to pay for the monthly dues needed for a house, renting is a practical option. Before you rent, make sure you come up with a budget plan. Determine how much money you are willing to spend each month for the rent.
Owning A Property
Owning a property gives you a sense of security that renting doesn’t offer. It will make you feel proud that you invested your hard-earned money into a tangible asset you can pass down to your children or you can sell in the future. Of course, the total cost you’ll pay for a house you’re going to own will be significantly higher than the monthly cost if you rent a property.
Basically, it all boils down to what your goals are in the future. If you have a big family it would be better if you buy a house rather than rent an apartment or a condominium where the number of rooms are limited. Renting doesn’t give you liberty to do whatever you want with the property. For example, if the apartment you are renting has red walls, you can’t paint them white because you don’t have the authority to do so. You can’t change the interiors as well and you’re going to have to deal with the current condition of your space. Usually your landlord doesn’t shoulder repairs so that means you’ll have to shell out cash for that. Meanwhile, owning a property give you complete freedom to design your space. You can choose if you want wallpaper on your walls or paint them with a shade you want.
If you still can’t decide whether to rent or own, ask for expert advice from real estate agents. They’ve been in the industry long enough to give you helpful insight that will allow you to ultimately decide if you’ll rent or invest in a property.