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Renting Versus Owning Property
As house prices continue to climb in many property markets across the world, people are now having to make the choice between renting a property or owning a property. These 2 very different choices each have their advantages and disadvantages financially.
When you are in the middle of making the choice between renting or buying you should ask yourself what it is you need and what you want out of a property. If you don't want to have to look after the building and be able to get up and leave whenever you want then renting is your best option. If you are more stable minded, buying a property is probably a better choice.
- Advantages Of Owning
- When you buy your own home you are buying into stability. Having your own home is a good feeling, it gives you a sense of acheivement that is not offered by renting.
- If you buy your own place, you own your own place. You can do whatever you like with it! Want red walls? Paint them red! Don't like that wall? Take it down!
- When you are renting a property you are paying money just to stay there. You dont actually own the property if you rent, the only person making money is your landlord. When you own your own home you actually hae something of worth and you can use your built up equity for another loan.
- In the USA interest on your home mortgage is tax deductible, which is quite a benefit.
- Advantages Of Renting
- When you rent a property you are much more free. Usually your lease is just 1 year long, so if you don't like your accomodation you can just get up and go.
- When you rent a property you don't have to bother with the building's upkeep, so when that pipe starts to leak you just need to phone the landlord and get it fixed.
- Renting is generally a cheaper option than paying back a mortgage so you'll have more expendable capital to have fun with.
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Spanish Version