We all have different priorities. Some prefer to own a house while others would rather rent one. Either ways, it all depends on which fits your lifestyle.
Today, we’ll be looking at the different points attached to owning a house and renting one. From there, we’ll be able to draw a critical conclusion on which is better.
To rent means to pay to occupy a property for a certain interval. The person that rents a house is called a tenant and the owner of the house is known as a landlord. Rent can be renewed; either monthly or yearly. The payment made be a tenant is also known as rent.
• When you rent a house, you help build your landlord’s wealth because really, they don’t run at a loss.
• Your monthly payment is likely to increase. This is mostly due to the location of the house and it’s popular demand from those in search of a house.
• There’s a limitation to what you can customize in your home.
When you live in a rented house, you are mostly restricted to design the house to what suits you. Some landlords would not even allow their tenants change the paint of the house.
• You’re most likely to pay rent, maintenance fee, and security deposit.
The truth is that, there’s always something to pay for.
Owning a house is simple. It means it belongs to you; the land, the building and everything in it is all yours. The owner of a building/house is know as a landlord.
• When you own a house, you build your own wealth. You could place it on rent or live in it. Either ways, it becomes your asset.
• Your monthly payment is locked in. Either you buy a house or you build one for yourself, you make a lifetime payment, once and for all. Once it’s done, there’s no need to pay nobody monthly.
• Freedom to customize your own space.
Over time, people get tired of color, or the interior arrangement hence, the need for little renovation. Trust me, that can only be done when it’s your own property. You have the freedom to exercise any change you want.
• You will likely owe a down payment and closing cost.
Well, that happens if you have to pay in installments to buy a house.
But who cares, the goal is to be an owner!
Just like it was mentioned earlier, it all comes down to which suits your lifestyle.
But think about it, it’s not best to remain a tenant for life, right? Buying a house or building one is worth all the stress it might involve.
Let’s help you start the journey of being an owner. Contact us today!
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