Rent versus mortgage has always been a big debate. As societies flourished, the concept of a “home” has become more prevalent. No longer is a house merely a structure that provides shelter and safety to people, it has become a symbol of solidarity, care and companionship. Family ties grew stronger when people began staying close to each other, under, literally, one roof.
However, owning the home that you want may not be as simple as we have been lead to believe. Some people have settled for the next best thing: renting. When the choices are paying rent vs. mortgage, things may not be as clear as we would have wanted.
Trying to figure out which will work better for you? Check out these simple list things to consider.
RENT VS. MORTGAGE: RENTING’S CORNER
As the primary alternative to owning a home, the attitude toward renting has changed through the years. More and more people are beginning to realize the benefits of renting a space for shelter rather than buying their own.
Read on and discover these benefits for yourself.
You can move more easily
If things aren’t that set in stone, keeping things more fluid can be an advantage. Whether you’re not yet married and splits up, or perhaps you’re keeping prospects open in case of a better opportunity in terms of work or business opens, renting enables you to pack up and go more conveniently than owning a house.
True cost of home ownership is harder to anticipate
Many experts would tell you that buying a home is much cheaper over time, and most of them are not wrong. However, you should look things in a more holistic view. That mortgage payment might seem lower than your monthly rent, but that’s just the start. Take into consideration all the additional costs that come with owning a house and ask yourself: are you ready?
Selling a house is hard
Ask any expert, selling properties is a hard job. According to Casey Fleming, mortgage advisor and author of “The Loan Guide: How to Get the Best Mortgage Possible,” there are just some parts of the country where renting is better than buying specifically because it is harder to sell houses in those areas. Before buying a home, it is wise to determine if you can offload your property easily.
Of course, it is not just cotton candies and rainbows when it comes to renting. It has its fair share of flaws, and here are some.
Privacy will be an issue
When renting space, usually an apartment, the walls are commonly pretty thin and the occasional neighbors’ sounds may invade your own space or vice versa. You should first check the space’s surroundings before deciding to rent there to avoid inconvenience in the future.
Home improvement can be a hassle
As you don’t own the place, any modification needs to be approved by the landowner. Sudden renovations in your space are big NO-NOs. On the upside, all in-home maintenance is the landowner’s responsibility as well.
Expenses can also be surprising
This might seem like a contradiction of an earlier point (and in some ways it is), but what you should understand is that in reality, not all expenses in either renting or buying a home can be predicted. It just so happens than in renting a space, you are less at risk financially and, when the time comes to move, emotionally as well.
Think real hard before committing. Getting a place to call your home, whether your own or a rented space, is a big step. Get reliable help when doing so and Dan Grenhalgh’s ENM Construction Management, Ltd., is your perfect partner whether to build your dream house or transform a rented space into your home.