It is very understandable if you are asking yourself should you buy or rent a house. This is a big decision and, like any other, it will affect a lot of things in your life, so the best thing is to think it through wisely. But, no matter what, we will try to help you decide which one is better for you! Renting vs. buying a house? Let’s get started!
Renting vs. Buying a House – which one is a better decision?
There are good and bad sides of renting a house, but there are also good and bad sides of buying a house. Buying and owning a house is a long-term investment and gives you some kind of security. On the other side, renting a house will leave you with more money, but in short term.
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Renting vs. Buying a house – advantages and disadvantages of buying a house
If you are buying a house, you’ve already thought it through good. But, let us just remind you of the advantages and disadvantages in case you are not completely sure yet.
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- First of all, you are able to arrange and rearrange your complete house
- You can get some tax benefits
- You won’t have a landlord because you are the owner
- Stability, that means you won’t be forced to move (this is good for kids, because of school and their education)
- May build equity and credit
- Since you don’t have a landlord, you will be the one responsible for remodeling and any kind of repairs
- If the home value goes down, you can lose money in case you are reselling
- Beyond mortgage payments there can be some extra expenses
- This move requires substantial money, and of course, preparing paperwork upfront
- Home prices rising
Renting vs. Buying a House – Advantages and Disadvantages of renting
Renting vs. buying a house, it can be really difficult to make that decision. Let’s see now what are advantages and disadvantages if you want to rent a house.
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- Just a few upfront costs and paperwork
- Maintenance and repairs are none of your concern
- No tax bills for the property
- Built credit – in case your landlord reports a rent payment to the credit bureaus
- You are free and can be more mobile
- You won’t be able to get any tax benefits
- Might be forced to move quite a lot of times
- Depends on vacancies, your choices can possibly be limited
- Your landlord can sell the property any day, or raise the rent
- Does not build equity
Renting vs. Buying a House – what are the reasons to buy a house?
Renting vs. buying a house? Let’s see now what are the reasons to buy a house.
Buying a home can be a great investment and a good place to live with your family. But, also, if the neighborhood is growing, that means that your property will cost more in several years. This is again a good option, in case you decide to move somewhere else and sell your house. So, buying a house in a growing neighborhood is a smart choice, because, in the case of selling, you will earn some extra money. Let’s see now, what are indicators that buying a house is actually a good choice for you!
- Planning to stay in the same place with family for more than a few years
- In case your finances change, you are willing to rent your house out if needed (or a part of it)
- You can afford and are eligible for a prime-rate mortgage
- You are willing to invest some into house improvement, rearranging and building nicer and newer things. This move can raise the price of your house on the market.
What are the reasons to rent a house?
Renting vs. buying a house? Let’s see what are the reasons for renting a house.
If you are a person who has to move all the time, because of your job or just because you like to change your environment, renting a house might be a better solution for you. Renting also benefits you because you will have no obligations to fix the roof or change windows for example. So, let’s see now what are the indicators that renting a house is the best thing for you!
- If your finances are about to change soon or they vary on a monthly basis, you won’t be able to afford and keep up with mortgage payments
- Can not afford, don’t want to bother and think of any kind of repairs, you’d rather let your landlord take care of everything instead of you
- If you have to move a lot if your job requires it or simply if you like to change the place of living
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Hire a Professional Moving Company
Whether you are buying or renting a house, hiring professional help to assist you in your relocating process is highly recommended. Every professional moving company has and will offer plenty of services that you will need.
Their workers are well trained and experienced and a moving process with them will be easy and without stress. Relocating your belongings to another destination will go smoothly and easy. Except for the good communication that their nice operators will provide, a professional moving company will also provide some other services that they can provide. Some of those services are:
- Calculating the cost of the move in advance
- Proper truck and transport
- Packing supplies
- Packing and properly labeling your boxes
- Security and Insurance
- Storage space
- Other extra services (moving bulky and heavy items such as piano, moving your belongings up and down the stairs, packing fine art and antiques etc.)
Hopefully, you will find this helpful if you are still not sure if Renting vs. Buying a house is the best choice for you! Good luck!