We have two options in living on place that you want to reside at. Its either buying a home or renting a place. In the latter part of this blog, you can evaluate what is the best for you, to rent the place or to acquire it.
Let’s begin to analyze the advantages of renting a place. Renting a place has a lot to do with finding the right place and a kind and generous landlord / landlady is a plus. First, you can vacate the place whenever you want unless you are bind with a leasing contract. It is important to review and double check your leasing contract before signing it. Make sure you are treated fair and they are not gaining so much of the advantage part. The best example is the time frame or validity of the contract. Second, when you are experiencing tight budget, then renting is the best option for you. You can have a place to live at by giving smaller amount of deposit or upfront payment. Third, you don’t have to worry about major repair of the property because it is shouldered by the landlord / landlady unless otherwise stated on the contract. Renting is the best option if you are not staying long term in the place.
On the other hand, buying a Home gives you opportunity to save money in the long term run. You can have the option to turn your residential place into commercial establishment or income property depending on the location of your home. Being a the owner of your property, greatly affects your credit score by means of continuously paying your mortgage on time and no overdue or balances. This will give you a high credit score standing and it means that you are most likely be approved by financial institutions for loan or other mortgage. You can also do some changes on the property specifically to the exterior and interior part of the house. You can renovate it based on your preference, style and taste of atmosphere. Having a property will give you option to make some money out of it. Generate money or income by making your home a renting place based on the location and your occupant. Your home value will increase by the period of time or after being renovated. So, the percentage of gaining income is way better than renting a home.
Never the less, renting a home or buying the place depends on your financial status. If you are not ready and under budget, the best option for you is to rent a place in the meantime and save money for your future dream home. On the other hand, if you are looking for a long term gain, the best option for you is to look for a property that suits your preference and renovate it to income property.