We are in a situation now where we have the opportunity to buy the condo we are currently renting. After nearly twenty years of renting houses, apartments, and condominiums, we may finally be in the position to buy something and truly call it home. Over the years we have met with various obstacles in the home-buying process - either the market wasn't good or our financial situation prevented us from buying something where we wanted to live. While things may appear to go our way now, this is still a big decision to make. We have spent much time weighing the decision to buy a home as opposed to continue renting.
Recently I watched a news program featuring an interview with a popular personal finance expert who offered tips on saving money in the long run for retirement. The suggestion of renting over buying came up, which interested me. For years people had encouraged us to buy a house, any house, for the purpose of establishing equity and making an investment that could help us later in life. Easier said than done - looking into real estate where you want to live can be a challenge, as you'll deal with contracts and possibly bidding wars, even assessments if you are looking into condos. If I have learned anything over the last several years, there are benefits to doing either.
Renting
When you sign a lease on a place to live, you benefit in many ways:
If you are living in the a temporarily, there is no worry about selling the home at a later date and waiting for somebody to buy before you can buy another home. If there are problems with the property - plumbing, fixtures, lighting - your landlord or building supervisor normally handles them. Depending on where you rent, many utilities and amenities may be covered for you in the initial rent payment, cutting out extra bills. Lawn care may be handled for you.
Buying
Buying a home, of course, gives an owner many advantages:
Instead of making a rent payment, you make a payment on the house and work closer to owning something rather than investing in a property you may eventually leave. You buy a home, you are under no restrictions. You can paint a wall, make additions, บ้าน มือสอง and hang pictures without worrying about caulking up the holes later. You may have an easier time come tax season. If you buy an historical home, you could receive tax breaks on restoration.
We have not yet made a decision on putting in a bid for where we live yet. When we do decide, however, I feel we'll be well informed of the advantages of doing either.
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