If I were to ask you what will you choose, to purchase a home or to rent? Probably your answer would be to purchase a new home. There are many factors that could hinder your dream to acquire the home you will call your own. These factors may be in terms of financial incapability, family considerations or maybe in terms of sentimental value.
Some people give an effort on analyzing the cost of owning a home and the cost of the rental market. Few are realizing the factors that could hinder them to purchase or rent a house. Some people want to purchase the most expensive home but others want to have a home just enough for the family. The real challenge to this one is that you should have the intellect and the emotion that coincide in order to decide whether to purchase a new home or to rent.
There are benefits as well as draw backs in homeownership and renting a house. Some of the benefits of owning a home are can save money on taxes and you acquire the pride of ownership. However, house renting can also present a numerous advantages. These advantages may include flexibility and you have a landlord that could take over the home maintenance.
Owning a house means that you can do whatever you want to your own house.You can decorate the walls as you want, you can paint the room with your preferred color, and you can plant flowers in your backyard. However, owning a home has also disadvantages such as lack of flexibility and home maintenance. No landlords to take care of the repairs and other house problems, etc. You might forget that your home needs some repairs. In other way, renting may seem a complex situation. Rent cost may fluctuate. If you are unable to pay you do not have a choice but to find a new home to rent.
The decision to purchase or to rent depends primarily on the financial as well as on the emotional aspect of a person. There is nothing wrong in making a decision that is heavily influenced by your emotion. Just make sure that making such decisions your emotion and your intellect are working together. So after reading this article, have you decided to buy or rent a home?