Renting Vs Buying a Home

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Renting Vs Buying a Home
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Renting Vs Buying a Home

• Should I Buy a Home or Rent? Well, I have been
  asked that question over a thousand times since I
  became a consultant in real estate management
• It's therefore advisable that you weigh renting
  vs. buying a house by its pros and cons.

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Advantages Of Owning

• The moment you pay off your mortgage, you never
  again will worry about paying for a place to live
  in and that gives you peace of mind.
• Your home can increase in value and in that way,
  you'll have a chance to buy an even a better home
  by using equity.

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Advantages Of Owning

• You can also use the equity to fund a better
  retirement.
• You can always do what you want with it, such as
  improving and expanding it, unlike a rental house
  where you'll have to get permission from the
  landlord. That also increases its value.

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Potential Downsides Of Buying

• Buying a house needs a big commitment and you
  must be sure that you can afford what you've
  chosen. Otherwise, you might stretch your budget
  beyond the limits and might not be able to as
  easily provide for your daily needs like meals,
  entertainment, holidays and so on.
• It's not flexible as compared to renting because
  when you decide to move, selling it might not be
  easy depending on your time frame involved.

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Potential Downsides Of Buying

• While you may need to sell it, it might not be
  easy depending on the market situation.
• If you take a mortgage with an adjustable
  interest rate, the repayment can rise.
• If the value of your home goes down and you need
  to resell it, that will be difficult if it's
  worth below what you owe the lender.

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Advantages Of Renting A Home

• Renting gives you a leasing flexibility because
  you can choose the term of your lease from either
  a short tem or a long term. For instance, if
  you're circumstances are fluid, you can chose a
  month-to-month lease and in that way, you can
  move at an instants notice.
• You don't have to incur any other cost such as
  repair and maintenance because that's the
  responsibility of your landlord.

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Advantages Of Renting A Home

• Renting can be a better option if you're on a
  budget because rent can be considerably less than
  a mortgage.
• This is not only because there is no property tax
  but also because renter's insurance is
  significantly lower than homeowner's insurance.

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Disadvantages Of Renting A Home

• A Renter is always subjected to the rules of the
  owner.
• Rent payments are an investment with zero
  returns.
• As a renter, you must live with the quality the
  house owner provides.

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