Find out what makes more sense, renting or buying home. Is it better to rent or buy?
Everyone’s living situation may be different, but we all share the common steps that have to be taken. Being out on your own leads to the opening of a new chapter, but some have already started that part of life. Regarding how you live, going from renting an apartment to owning a home is a pretty big step. While that be a goal in life, the hard truth to swallow is that it can have a serious impact on your finances as well as your lifestyle.
If that’s the change you are looking to make, you don’t want to do it in a reckless fashion. You have to keep many things in mind while taking the thought into consideration. Knowing your pros and cons before making that decision is crucial.
Along with knowing the pros and cons, you have to also be aware of all of your needs too. There are things you may want more of like room and autonomy over the general living space. Some of us may prefer the convenience of an apartment rather than a home Thoughts like these and many more are going to come to mind, so going without thinking about it isn’t going to be an option. In a way, there are going to be pros and cons in many different situations. Needless to say, there are a few to think about when debating about apartments over houses.
The Cost Of Rent Vs. A House Payment
When you are looking at potentially buying a house, instinctively you will compare the amount of the rent you are currently paying. While that is the typical move, it may not give you the information you are hoping to see. There are experts who believe that comparison may just be a starting point of it all. So, in order to make an accurate comparison, you must deduct the amount that’s going toward interest and compare it to your current rent.
By doing so, you’ll get a result in interest that is actually going to be your tax deductible. It’s best to consider a renting vs. buying calculator tool to assist. You want to figure out the true difference before deciding on anything, you may end up changing your mind.
Cost Difference Regarding Getting In
Signing a lease on an apartment usually requires you to pay a simple deposit. The range of this amount could be anything from reasonable to slightly pricey. There’s also a chance you may or may not be refunded the deposit you paid at the end of your lease.
Now as a homeowner, things are going to be a bit more different from renting. For starters, you’ll have to have enough money to make the down payment. Depending on the location, you may even have to pay homeowners association fees. In the end, it can equal up to a pretty costly amount of money.
Think About Inevitable Paying
There are many great things that come with being a homeowner, but you will also have those down days. You may not know when for sure, but the day will come when you have to invest in repair or even replacing something. Think along the line of appliances, hot water heaters, central air units, and more. Any of these could rack you up quite the bill, especially when you least expect it.
As a renter, you won’t be responsible for things when in regard to repairs and maintenance issues. You won’t have to face any additional expenses when something breaks in your apartment.
Making the decision on living in an apartment or a home is completely up to you. You just have to take several things into consideration while taking a moment to think. Remember that it’s important to think of every vital area before taking the next big step.
There is always confusion about where to buy a home or continue living in rent.
In 1973, the average household contained 3.01 people. In 2013, that number had shrunk to 2.54 people, but homes were 1000 square feet bigger! Don’t buy more house than you need. Doing so also tempts you to buy more stuff you don’t need in order to fill up all that space.
But it is always a good choice of buying a home over continue to live in rent if you are looking from long term point of view. You just need to keep some vital points in mind while buying your dream home to make sure that it will turn into a profitable investment. If you do the math, bottom line the best option is to buy a home, rent it out, and rent a place to live.
Thoughts from other experienced people:
Kairi Gainsborough [https://rentberry.com] "My husband and I have rented for a long time, but we are considering buying a house this year. There are a lot of advantages to renting, but after a few years, it feels like we are wasting money on rent. Thanks for explaining how equity works based on the market price of our house. If we buy a house at a good rate, we can start building equity."
Scott Painter [https://rentberry.com] "...Selling a house can cost $20,000 between realtor fees, buyer required repairs and finance fees/appraisals. Stay in your house 2 decades you are fine, but move every 2 years and you are better off without the mortgage."
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Thomas is a Pro himself, who has been in the business of home renovation & construction, working with various tools. He used to be the owner of 2 local construction companies with over 18 years experience. His works also include writing inspiring Do IT Yourself Tips & Tricks.