Building equity is one of the major financial reasons for which people are interested in buying homes. In 2008, the U.S. housing market had incurred a loss to much an extent, after which, various prospective homeowners as well as existing homeowners were looking at the cost and the benefits that can be made from such transactions.
Reasons to own a house
Here are the reasons suggesting that you should rent a house.
Flexibility: Renting a house will enable you explore an area before making a long term commitment to the homeownership.
Uncertainty in career: If you feel that in near future you will be transferred to some other place or out of the town or in the outskirts, then you should rent the house. This is a wise decision as owning will tie you down to a great extent.
Poor credit: Making rental payments timely will help you build a sort of credit that you would need to fulfill your mortgage.
No expense of maintenance: When you find any type of fault or any part of your home that requires a repair, then you can simply dial to your landlord to solve the problem.
Reasons to own a house
Below are the reasons suggesting that you can own a house.
Creating art: There is no need to worry before creating an art or hanging a clock or colorful hangings on the wall. You can also paint them red, orange, yellow, green, peach or any color of your choice. You can also make shelves, cupboards, or any kind of changes as per the requirement. They are yours, and you can just do what you wish.
Maintenance desire: If you own house, you can do the repair as per your pocket permits. You can have cheap repair temporarily or you can pay heavily for an effective result.
Equity: You can save enormous amounts of money if you own a house. With the saved amount, you can have a handsome interest from the bank or you can purchase a piece of land in the city which would be a great asset to you in the future.
Well, if you talk the about the cheaper options of the two, then it totally depends on the place where you live as well as the improvement that you want to make at the home. The two shares pros and cons equally, and so you must decide and act as per your comfort both professionally and personally.
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