BUYING VS. RENTING

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BUYING VS. RENTING

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BUYING VS. RENTING :

BUYING VS. RENTING

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There are two choices when you are on the customer’s side of a real estate transaction. It is either you buy the property or you rent it. Which is the better choice? Who knows? Buying and renting a property both have its share of advantages as well as disadvantages.

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When you buy a property, the property usually builds equity over time. Once you have bought a place of your own, there is the feeling or the sense of community. You feel stable and secure. You are free to decorate the property like changing the paint, the hardware and you could also do landscaping. You are also not dependent on anyone else to maintain the property. It is all you. Also, part of the mortgage interest and real estate taxes are tax deductible.

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Then again, since you are the one responsible for maintenance and such, you have to do it on your own even if you find it inconvenient and troubling. There is an option to hire someone to so the actual work for you but, of course, you have to have a budget for that. You also have to be responsible for the taxes of the property. And, you should also be open to the fact there is the possibility of foreclosure and loss of equity of the property. In addition to these, you have less mobility since you own the place compared to simply renting.

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In renting a property, there is very little or, actually, no responsibility for maintenance since the property isn’t yours. Plus, it is easier to move to a different place, a different location, a different house, a different office or anywhere for that matter as compared to owning the property. And, there are no closing costs needed and other home buying fees.

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As for tax benefits, there are none when you are only renting. There are no equity build ups no matter how long you stay at the place. You also have no control over the rent if it increases in price. There is also the threat that you could be evicted at any time. There is no security and stability when it comes to renting. Also, there may be privacy issues and such.

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Buying or renting a home has both the pros and the cons. There are only two things that are taken into consideration besides these – emotion and finance. After all, the smarter decision is what you think it is. http://www.wilsonpeacock.co.uk/forsaleoffice/milton-keynes/1347/

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