In the US, and other western countries, home ownership has long been regarded as a mark of pride and status. However, in these troubled economic times, it may make sense for people to rent.
Has Home Ownership Become A Problem?
Some home owners are struggling with their current mortgages. Foreclosure rates are not showing any real signs of declining. Besides, a monthly mortgage payment is hardly the only cost of home ownership. When you own property, you will also have to pay property taxes and insurance. If you live in a large place, you probably also get higher utility and repair bills. You cannot just look at mortgage payments when you decide if a home is affordable for you.
You have to consider this question if you are thinking about buying your first home. You also have to consider it if you need to downsize from your current home into a smaller, rented space.
Many people have struggled to keep their homes. They lost money and their good credit scores. In the end, many of them ended up leaving their houses for a rented place. It may have been better for all parties involved if they would have left sooner. They may have been in a better position.
Typical Advantages Of Renting
Let the property owner worry about property taxes and property insurance. These costs may be built into your rent, but you can just make a predictable monthly payment. Sure, you should probably purchase renters insurance, but it usually much cheaper than homeowners insurance. You will probably not have to worry about most repairs and upkeep. These things are also part of the cost of owning a home, but they are not a renter's headache. You may have a lease, but this is usually much easier and cheaper to get out of than selling a home is on short notice!
Typical Advantages Of Home Ownership
There is no doubt that owning your own home has its benefits! You probably enjoy more privacy. You can decorate and design your house the way you like it. Finally, owning a home still does give us a sense of pride and stability.
You may also view your home an investment. Some people do still have an asset that has appreciated, but ฝากขายบ้าน that is no longer certain.
Some enjoy tax benefits because of the mortgage interest deduction. Just remember that you need to spend that money before you can deduct it!
You may be able to build equity, and have a nice place to live.
What Should You Do?
The decision is personal and unique to every individual or family. There is not one magic answer that is right for everybody. You must weigh the cost and benefits of each decision for yourself.
If you are struggling to keep your home, or believe you would have to struggle to buy a home, the time may be right for you to consider renting.
If you have fallen in love with a house, and can afford the mortgage, taxes, insurance, and upkeep, you should pursue your dreams!
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