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BUY OR RENT – WHICH IS BEST?

There are many factors to consider when you are thinking about whether or not it is better for you to buy or rent a place. Some people have certain circumstances that make them either want to purchase their home or rent one. In the end, it all comes down to personal preference.

If you choose to rent your home, keep in mind that there may be some costs associated with renting, such as moving fees and deposits. While many require renters insurance in order to secure your rental agreement’s bond amount, if you choose to buy a home, there are additional costs involved in purchasing a house rather than simply leasing an apartment.

This article will cover three main areas when determining while visiting Compass whether or not you should buy or rent your next place of residence: the costs, the lifestyle, and the drawbacks of each choice.

The Costs

Renting a house makes more financial sense for many people. When you rent a home, you are not responsible for repairs that come along with owning a property you can call your own. If something breaks or malfunctions in a rental unit, your landlord typically takes care of it without much hassle from you.

In addition to this benefit, even if you rent through an agency that charges fees similar to those of suspiciously low-interest rates offered by banks (i.e., up-front payment amounts as well as monthly fees), renting is still often less expensive than buying due to market price fluctuations because landlords have no obligation to upgrade their rentals – they’re only required to provide you with a place to live.

Also, while your monthly rent may increase throughout the course of your lease, it is usually at minimal increases that are much less drastic than those that are seen when purchasing a house.

The Lifestyle

The lifestyle that comes along with renting is slightly different from owning a home. If you have the opportunity to move easily because, let’s face it – these days, no one can afford to be stuck in one place for too long without being able to save up enough money to get out of dodge – then renting really is for you. It allows flexibility and independence because you are allowed to pick up stakes at any time if something better comes along which suits your interests better.

The Drawbacks

Unfortunately, there are some drawbacks to renting. First and foremost, you often cannot make any improvements or renovations to a property that you rent. While it is possible that an agency may allow certain things such as minor paint jobs for little expense, if you own a home, the sky truly is the limit when it comes to what can be done with your property.

Another drawback of renting over buying is being at the mercy of the property owner’s rules and regulations if they have decided to charge additional fees in addition to your rental fee. For example, owning pets might not be allowed in a rental unit, while this would typically come along free of charge when purchasing a house or condo that allows animals on the premises.

In Conclusion

If you’re looking for more flexibility in your lifestyle, renting is more ideal. It gives you the freedom to move without heavy financial obligations and leave whenever you want if something better comes along. It also allows for easier access to renovations that can help you improve the value of your home.

However, if you are looking for a place that will not require maintenance or repairs coming along with ownership, are set on making improvements to what may be considered someone else’s property entirely, and are willing to put some money down on an asset that could potentially earn you sustainable income at some point down the road (i.e., when it comes time for resell), then purchasing a house might be best suited to meet your needs.

Buy or Rent – Which is Best?