Should you rent or buy a property

There is no simple answer to the question whether it is better to buy or rent a property. First of all, everything will depend on your personal budget and whether staying at one particular place will fit into life style you have.

Consider to buy

With a stable work at one place, meaning there is no requirement to move state from state or even from country to country plus if your budget have no strict limitations there is definitely buying a property the best option. For most of the families having their own house where they settle down raising children is a dream come true. However, with owning a house there are also some factors you have to consider. Even if you will get a house for a good price or low mortgage rate there are always will be additional expenses. You are the owner of the property and all repair or improvement will require additional spending directly out of your pocket. Let say if the house is in the good condition you can live there with no major improvement for a few years, but ones something happened you might be looking in some pricy repair that often not covered by standard insurance policy. Do not think that your house will be with no money input at all. Some leak or damage on the floor and you are facing at least a few thousands in repair. You are lucky if there is will be inexpensive vinyl, but hardwood floor cost might be equal a couple month of mortgage to be replaced.

Thinking about renting

With a renting you do not care much about repair or maintenance as long as the property won’t be abused by inappropriate actions from your side leading to force for a repair. Also you do not have to input much of a cash to move in and typically all you are looking is a one month deposit and one month rent to pay. Renting is an ideal option for people who do not like to sit at one place. Signing a short term lease allows just move out upon its expiration with no charges and responsibilities.

What to choose

Typical thinking “renting is just throwing money” not always a right approach while deciding whether you should rent or buy. Many people paid for houses which do not cost even half of its price now. You find a job 1000 miles away, but you stuck with a house which cannot be sold now for even nearly the half price you paid for it.

Other thing is that you bought a house just to enjoy the peace of life with a family. You are not thinking about how much the home will cost in a 10 years – you just like the place and need a home, but not a house for getting profit overtime. Bathroom remodeling cost doesn’t really matter even if for that money you might pay two years rent, but this is for a family and just making a place around better.

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