When you are buying a home, there are many issues that you will have to deal with. They can either be family-related, emotional, or even personal problems. Whichever extent they might go, the issues should not hinder you from buying your dream home. You need to know that this is a home that you will probably have to stay in for the rest of your life. It is therefore important in that respect.
If you want to buy a house today, perhaps it would be a good idea to think twice and ask yourself whether renting would be a good option as well. You need to decide whether leasing or renting is the better choice you are good to go and buy your own home. Of course, there are advantages and disadvantages of each option. However, here are some of the reasons why renting would be much better than having to buy a house all together.
Less responsibility
When you choose to rent a house, it is most definite that much of the responsibility would be on the side of the owner. This just means that if any damages were to occur in the house, such as water damage, the owner will have to take care of the issue and thus you won’t have to spend a penny. However, if you were the owner of the house and such issues occur, you will have to settle the bills from your own finances. Therefore, if you choose to buy, everything will just fall on you.
No debts
When you settle on renting a house, you will only be responsible for the monthly bills and rent. However, if you were to buy a house, you would have to get a mortgage or loan to finance it. This kind of a decision puts you in debt and even distracts you from any future plans that you were having. This is because the financial obligation of repaying the money will always be on your shoulders. This even makes it hard for you to buy other things on credit terms.
Increased freedom
When you choose to rent a house, you will have to sign a leasing agreement. This can be for a year or more. That guarantees you that you will stay in that place for that period of time. You can review the lease at the end of the agreement and ask for an extension if you want. You can still opt to move to another location. On the other hand, if you choose to buy a house, you will have to stay at that location till you complete servicing your loan. This takes between 20 to 30 years typically.
No need for financing
In most instances, when you want to buy a house, you will have to seek some financial backup. The loan that you will get takes you time to get and normally comes with some exorbitant interest rates. However, if you choose to go for the renting option, you will not have to worry about any financial assistance.
Short term housing needs
Renting would most definitely be the most ideal choice for short-term shelter needs. For instance, if you are in college or working on transferrable jobs, this option might be the best one for you. Renting helps you to be able to move with ease when you decide to relocate. However, if you were to buy a house and you wanted to relocate, you will have to go through the tedious process of selling. This process can be quite frustrating.
These are some of the reasons why renting is a better option that purchasing. It is important to understand what you need from a home before going for either option. Analyze the reasons about to decide whether renting or buying is the right option for you.
Contributor Profile: Article contribution by For Sale For Lease Pty Ltd – Australia’s leading FSBO real estate agency who service the greater part of Melbourne.
This article is published with permission.
