Should you rent or buy a house?

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Tali Batikoff

Date Published: 2021-09-25

This is often a confounding question and without the right information on this, you might make an inappropriate decision which might cost you a lot. The right decision depends on your situation. There are favorable situations to buy as well as rent a house. Consider a situation when you are in debt such as a student’s loan, or you still have little cash, it would be uneconomical to buy a house. You can opt for rentals, this has many advantages, for instance, ease of movement and relocation can be achieved in a rental. Moreover, you wouldn’t be bothered by repairs and utility bills in the rental. The rental has disadvantages e.g. financial incentives such as land appreciation. Rent rates may as well go up when in rentals hence additional cost.
Who wouldn’t love to own a home? Most people prefer to buy their own homes since they wouldn’t incur the monthly expense of paying rent. Buying a house has the following advantages; the payment you make for the mortgage always takes you a notch closer to fully owning the house, the value of the house will always go up hence you can resell it at a higher price, there is often a tax advantage during the period the mortgage is being repaid, you can file the mortgage bill hence reducing the tax. Since you have full authority over the house, ease in the renovation is achieved, besides, more privacy is achieved.
Buying a house has several disadvantages, they include difficult traveling and relocation. Those who are involved in occupations requiring frequent movement and relocation find it extremely difficult to buy a house. Moreover, buying a house yields new expenses such as pipe leakages and utility bills, these are never incurred when living on a rental. Therefore, when deciding whether to buy or rent a house, your situation at the given moment must be considered to make the appropriate decision.   

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