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Life dilemmas - Buy or rent?

Updated on September 15, 2012

Buy or rent?

Start making decisions on your future home.

Would you rather rent or buy a house? Both options offer many advantages and disadvantages so if you are just starting to decide your next move you should really consider all aspects of this important issue.

It is so hard to decide. After all, this is a big step towards improving your life quality. Buying or renting could be equally beneficial. Check out the guidelines provided below:

1. To buy a home

When you buy a home, you instantly become the proprietor. This definitely offers great pros. As the sole owner you get to decide how your place is designed from scratch, you have the ability to add features according to your likes, offer your home to guests, and be a landlord yourself. Another advantage is having and taking care of pets with no restrictions. Additionally, you can make investments and make passive income which is great, isn’t it?

One huge problem though, is definitely the cost of buying a new home. It is so expensive! If you are not in the position to have enough cash to buy the property, you are likely to end up getting a mortgage. This is a very bad situation as you may not lose your home but you need to find ways to make more money in order to pay the closing fees. Sometimes this leads to a dead end.

2. To rent a home

When you rent a home, you make a strategic decision to pay, usually on a monthly basis, a rent to the property owner. You sign a contract with the landlord and you pay rent in exchange for having the right to stay on their property but you still have limited privileges. This means that you must follow the rules of the owner and under no circumstances make any changes to the house unless he or she agrees.

To analyze, all changes or room modifications are 100% subjected for approval. If the contract and law allows it, you may sometimes have the right to ask for consent. Moreover, most times there is a limit on how many people can live in the rented house and in some cases animals are not allowed or may be subjected to certain limitations.

On the contrary, the repairing and maintaining of the property is the owner’s full or partial responsibility. A great advantage that contracts can offer is that you may even achieve to exclude yourself from paying the gas company, internet access and other utilities. This can save you a lot of money in the long term.

More or less, it depends on the situation and the persons involved deciding whether renting or buying a home is the best option. Renting is good if you move a lot or if you want to “test” the house before you buy it. Buying is for those who can afford owning a place and are settled.

What would you decide?

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    • beadreamer247 profile image

      beadreamer247 4 years ago from Zephyrhills, FL

      A lot depends on the current economy. Currently I would be a little worried to buy, because the prices are not stable at all....renting is quite expensive compared to buying, but has dropped a little....but at least it cannot take away your home. You can move out and live at a cheaper place, but don't have the fears of loosing your home with all the legal aspects affecting you.

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