One of the most significant decisions you will make is choosing to stop renting and purchasing your own home. It is a decision between investing in a property or continuing with renting. For some, renting is better and more advantageous than buying a house. However, many will disagree and say that buying a home is better than renting. Both come with their benefits and disadvantages. It all depends on your lifestyle, finances and your work situation.
If you are at a point where you are trying to make this decision, the best advice we could give is for you to weigh things out. You need to check on the pros and cons for both then see which one is better for you and your family as well as on your plans.
Advantages of Buying a House
Owning a house is considered an investment since it is beneficial for you in many different ways. It is also a property that appreciates over time. It has long-term benefits especially when we consider, security, equity, and ownership. You can always seek the assistance of the best mortgage companies in Houston when you are planning to sell it in the future in case your plans will change.
Additionally, when you own a property, you can do whatever you want with it. You can design and improve it the way you want to; you can also choose to make it a money-generating property by leasing it out when you are not planning to live in it.
Disadvantages of Buying a House
On the other hand, owning a house comes with a lot of responsibilities. You have to make sure that you are ready to make your monthly payments. It could be a hassle especially since home loans often take decades to pay. The average life of this type of loan is around ten to thirty years depending on your financial capacity.
You will also have to spend money on maintenance and repairs especially when it gets worn. In addition to your mortgage loan, you will also have to pay for home insurance and other premiums especially if you opted for a condominium.
Advantages of Renting
One of the things we can say about renting an apartment is its flexibility. You can always move from one apartment to another whenever you want to or when your contract ends. It allows you to explore many different neighborhoods and experience different areas. Additionally, there is no commitment, so when the budget gets tight, you can always find a more affordable place to rent.
It is also convenient if you get moved from one place to another because of your work, you do not need to worry about making double payments, one on your house and another on your apartment. In short, renting offers financial freedom.
Disadvantages of Renting
You may have financial freedom when renting, but in the long-run, it may not be advantageous especially when you are planning on having your own family. You will not have a permanent place to settle, and it could be a problem in the future. Additionally, you have no freedom to improve or make changes on it without the consent of the lessor or the owner. Thus, it could be uncomfortable for you too.