Renting a House Versus Owning a Property: Which is Better?
Renting or buying a house is one of the biggest debate in our current society. Most of us had the notion that owning a home is more economical. However, is owning a house more affordable in the long run?
Like all couple, moving to a home is very exciting whether you are renting or you own the house. For those people who are looking for a new place, we provided some insights on why renting is more efficient than buying a house.
Most Americans usually start getting a job during their young-adulthood stage and after few years of employment, they usually get proper savings for their future as a step towards having a partner to grow with.
During the early years after you move out from your parents’, we find ourselves renting a small apartment for the time being since most of us can’t afford our own housing yet. A few lucky individuals already got a home title under their belt and this is usually their starting point whenever they decide to start up a family.
After all the glorious time with your partner, you both decided that settling down is the most appropriate move. This is where renting or owning a house enters the scene.
With a help from lenders that offers housing loans, having your own house is easier to achieve nowadays. You’ll just need to have a good credit score and a good track record and you’re most likely to be approved with your application. However, it is really worth it? Or renting is the best option?
Owning a House
When building a house from scratch, you will have to make way for the construction time and it may take up to six months to be completed, depending on your specifications and your designs.
You’ll also have to make room for any issues that may come during and after construction. We have to consider that when it comes to building a home from scratch, it is not always perfect and some issues can pop because of poor construction.
Some issues can be addressed easily and some actually is a harder fix. Other might take months for you to notice, these are usually the insulations that might affect you and your family during winter.
After the interior, most consider their landscape both the front and the back of their property. Building a fence around your place might be the first thing you’ll consider and this is where we probably spend the first huge chunk of money in your new home.
With all that considered done, you only have to make sure you maintain the house properly. If there are any small issues appear, you’ll have to fix it sooner rather than later to minimize any additional damage. Basically doing this regularly and you should be done.
Renting a House
© Money Crashers
Although you don’t get all the nice designs that you like on your own property and basically, you’ll have to live with what your house got. There are fewer expenses per month involve in renting a place rather than owning it.
Some also had their reasons why they moved from owning a house to renting. We listed a few of them.
- Volatile Market
It is always difficult predicting whether it is the right time to invest in buying a house since the selling price is usually not that stable. Although an investment is always an investment, it is good to know if that investment has a good return over time.
A good example of this happened in Canada back in 2006. Housing properties during that time were on the higher side when it comes to pricing. Today, when people want to sell their property, there are very little profits involved since property prices dropped so much compared when they purchased the property.
Maintaining a rented property is relatively way cheaper compared when you own the house. You might need to replace a busted light bulb every now and then but outside of that, your landlord is the one that is responsible for all the major issues in your places like roof repairs and such.
It is easier to move out in a rented property since there are fewer commitments if you’re planning changing address. After you finished your lease, you’re all set whether you like to stay or move on.
If you decide to move into an apartment complex, most likely you’ll get amenities including pools, lounges and sometimes even a fitness center. Sure, you’ll also get it in your own home if you are open to spending more money or if you can afford to apply for a new loan.
Cover Photo Credits: crosswalk.com