Renting vs Owning a House

Renting vs Owning a House

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Would you want to have your own house or rent an apartment unit? It actually depends because if you’re staying in a place for a short period of time, you can always rent an apartment unit but if you are planning to stay in a place permanently then having a house is more convenient.

Advantages of Living in an Apartment:

-       You can always rent somewhere nearby your workplace.

-        Less need for repair, maintenance and cleaning due to size and scope of the unit.

-     You can leave and take a vacation then come back to your apartment without the need of a house            sitter, you can work out a deal with the landlord to look out after your place while you’re away.

-        Pay fixed bills monthly that come along with rental package.

Disadvantage of Living in an Apartment:

-        You will still end up buying your own house in the future if you are planning to have a family.

Advantages of having your own home:

-          You can paint any color you want and do whatever you like hold a party every weekend it’s all yours!

-          No curfew and you are the boss who makes the rules for whoever lives in the house.

-          Renovate and redecorate the interior and exterior of the house just like having a pool or a court in the backyard.

-          Having the benefits of tax break every year comes with less interest paid over your property.

-          Makes your credit look good but just don’t forget to pay on time to keep your record clean.

-          You can pass on the house to your kids and the generations to the next  .

-       The longer you keep paying for your house, the value of it increases. You have the advantage of reselling!

Disadvantages of having your own home:

-          You have to maintain a good budget for the maintenance of the house.

-          The tax rate for the property is one of the problems so save up.

-          You can’t just leave your house when you are planning for an out of the country trip. House sitters to the rescue!

-         If you are planning to sell your house, the value of the house might not have a bigger value than you expect because of the condition of the house and how you maintained it.

Hope this helps everyone with their perspective of having an own home or apartment. Think and talk with your partner thoroughly if you really want or need the house. Always remember a home is an investment. 

Keep on visiting this real estate guide blog  for more real estate tips.  Have a pleasant day!