Should I buy or rent a house has always sparked a lot of public debate among social and professional circles alike. There has never been a good enough answer to suit each side of the divide as the answer itself depends on some factors that might be out of your control or typically based on your personal analysis on what satisfies you best.
For some people, homeownership ranks first in their perfect example of a worthy investment, while others choose to focus on other aspects of matters investment. Here is a quick guide that might help you if you’re hanging on the fence.
Cost of Owning
Buying a house doesn’t only entail the cost of purchase alone. Cost of owning a house narrows down to factors such as upgrading it to standards that befit you, cost of furnishing the house, upkeep and even repairs. Notwithstanding the fact that you might still be paying the mortgage while covering this other costs, then it’s very essential to have this thought in mind before buying your dream home.
Location plays a significant role when making a choice on whether to rent or buy a home. Some real estate markets provide the cheap option of buying a house while the same area being a very hostile environment for people who prefer renting. You should, therefore, research enough to know the end of the divide suits you before making that key decision.
Closeness to social amenities such as school, hospitals, a playing ground for the kids and good security are key factors to consider too. This is to avoid scenarios where your property might depreciate in value and later making a loss should you want to sell it.
Flexibility refers to the ability of you moving to another neighborhood with ease should you feel like doing so. This can always be termed as a double-edged sword for either renters or buyers. A buyer will always have more barriers to exit but on the flip side, they can always decide to rent the space out and generate income. A renter on the other hand only has to break his lease agreement to move whenever they want for another opportunity or another location that suits their needs.
All arguments can be received differently by both parties but buying a house can sometimes prove to be an achievable feat. Not only do you get to have equity and even increasing your net worth, but you also get a wonderful passive income revenue if you rent out your space.