Most of us are faced with the decision on whether to rent a house is better than buying one. Aside from pricing and affordability as a factor to help make us decide, there are different factors too that we should think about.
1. Environment - Remember that the city home may be quiet expensive as compared to the suburbs. The suburbs would give you a lot of fresh air as compared to the city but travel time would be costlier if you live farther from your work. So, which of environment do you best fit in? Do you like the noisy and upbeat feeling of busy streets and people rushing? or do you like the slow-paced life of the suburbs?If you can afford only those properties in environments that do not fit your preferences, you need to think about whether you are willing to forgo these preferences for the sake of owning a place.
2. Amenities versus Customization - There are those who's like to start from scratch with regards their home. They like decorating, they like buying stuff. On the other hand there are those who'd like it plain and simple. They'd like things furnished and ready-to-use. Dollar for dollar, renting generally offers a substantially greater number and variety of amenities than buying. Consider, for example, the number of homes that come with an Olympic-sized swimming pool, clubhouse, tennis courts, basketball court and on-site gym. If you’re looking to have these amenities in your private residence, get ready to spend a lot of money. Upscale apartment buildings, found in nearly every city, offer such options at a comparatively lower monthly rent than a mortgage for a property with the same attributes. On the other side of coin, there are affordable homes with private outdoor spaces that you can customize to your liking. There aren’t many apartment buildings that come with acres of property in the country that will let you do your own landscaping, keep horses or grow a garden.
3. Flexibility versus Stability - Remember that when you rent and need to leave to another city, you could just end the contract, pack everything up and send it to the next home. On the other hand, people who own residents need to go through selling the home, papers, deeds, etc.
4. Personalized Aesthetics versus Less Work - Buying a home gives you the freedom to design your own house, from the living room to the bedroom to the steps of the stairs etc. While renting will show you an already finished house ready to be moved into, no more repairs, renovation or anything. Well, if there would be renovation it wouldn't be more than when you own the place.
5. Emotional Satisfaction versus Less Worry - There’s just something emotionally appealing about putting down roots, getting involved in the community and having a place to call your own. Of course, homeowners also need to worry about the long-term character of the neighborhood and keep up with maintenance in order to sustain property values. If you’re simply looking for a place to rest between days at work and nights hitting the town, renting may be the perfect answer. Just keep paying the rent and let somebody else do all the worrying.
6. A Personal Decision - There will always be a time in your life when you wish to have your own home. The sentimental value of living something for your family will always be something you'd think about. Most especially if you're almost due for retirement and you'd like to see what have you done so far. On the other hand, there are just people who see having a home as a hindrance, mostly those who aren't home buddies and would just rather spend the rest of their old age in homes. But regardless the decision, it will always be your own.
I'm sorry if it's rather long, but I think the topic is vital for all of us out there still confused over buying a home or renting.
What do you think? Should you buy a home or rent it? Based on your personal needs and decisions right now.
1. Environment - Remember that the city home may be quiet expensive as compared to the suburbs. The suburbs would give you a lot of fresh air as compared to the city but travel time would be costlier if you live farther from your work. So, which of environment do you best fit in? Do you like the noisy and upbeat feeling of busy streets and people rushing? or do you like the slow-paced life of the suburbs?If you can afford only those properties in environments that do not fit your preferences, you need to think about whether you are willing to forgo these preferences for the sake of owning a place.
2. Amenities versus Customization - There are those who's like to start from scratch with regards their home. They like decorating, they like buying stuff. On the other hand there are those who'd like it plain and simple. They'd like things furnished and ready-to-use. Dollar for dollar, renting generally offers a substantially greater number and variety of amenities than buying. Consider, for example, the number of homes that come with an Olympic-sized swimming pool, clubhouse, tennis courts, basketball court and on-site gym. If you’re looking to have these amenities in your private residence, get ready to spend a lot of money. Upscale apartment buildings, found in nearly every city, offer such options at a comparatively lower monthly rent than a mortgage for a property with the same attributes. On the other side of coin, there are affordable homes with private outdoor spaces that you can customize to your liking. There aren’t many apartment buildings that come with acres of property in the country that will let you do your own landscaping, keep horses or grow a garden.
3. Flexibility versus Stability - Remember that when you rent and need to leave to another city, you could just end the contract, pack everything up and send it to the next home. On the other hand, people who own residents need to go through selling the home, papers, deeds, etc.
4. Personalized Aesthetics versus Less Work - Buying a home gives you the freedom to design your own house, from the living room to the bedroom to the steps of the stairs etc. While renting will show you an already finished house ready to be moved into, no more repairs, renovation or anything. Well, if there would be renovation it wouldn't be more than when you own the place.
5. Emotional Satisfaction versus Less Worry - There’s just something emotionally appealing about putting down roots, getting involved in the community and having a place to call your own. Of course, homeowners also need to worry about the long-term character of the neighborhood and keep up with maintenance in order to sustain property values. If you’re simply looking for a place to rest between days at work and nights hitting the town, renting may be the perfect answer. Just keep paying the rent and let somebody else do all the worrying.
6. A Personal Decision - There will always be a time in your life when you wish to have your own home. The sentimental value of living something for your family will always be something you'd think about. Most especially if you're almost due for retirement and you'd like to see what have you done so far. On the other hand, there are just people who see having a home as a hindrance, mostly those who aren't home buddies and would just rather spend the rest of their old age in homes. But regardless the decision, it will always be your own.
I'm sorry if it's rather long, but I think the topic is vital for all of us out there still confused over buying a home or renting.
What do you think? Should you buy a home or rent it? Based on your personal needs and decisions right now.
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