Select: Buy Or Rent A Home

[Al Jay]

Walking on a neighborhood and amazingly surrounded by tall and big houses a question pop on my mind, which is better to just rent a house or buy? Am I the only one having such query at the moment? Most individuals who are planning to make their own family or start with their own lives have the same question with mine. Hurrying may sometimes lead us to an incorrect decision so we really need to think about it. Knowing certain things about renting and buying might aid us in one way or the other.

Renting is an agreement where a payment is made for the temporary use of a good, service or property owned by another. On the other hand, buying is the complete acquisition of a good or property with something in exchange, may it be money or any other form of payment. By mere looking at the two separate definitions you can then see the big difference between the two. Put in mind the word temporary and complete. Let us now apply it to the context or real estates. When you rent a certain property you pay a specified amount of money every month in exchange of you using or occupying it while when you buy you give a bigger quantity of cash as a payment for the house that will be yours afterwards. There are two areas that I would like to focus on and these are readiness and appropriateness. Readiness in the sense that choice of staying in that particular place for a long time and the financial stability should be considered. Do you have enough resources to use in acquiring a certain property? Will your credit score give you a much lesser interest rate? If your answer to both these questions are no then renting a house would be better than buying one. The readiness to stay in a place is also very important. If you do not have plans of staying long enough like six years or more in the place where the house is located so it would be better if you will just rent an apartment or a house instead. Let us now continue with appropriateness. Do you have a family right now or have plans to have one soon? Can you foresee the need of an extra space for everybody? If yes then it is just right for you to have a home of your own. To know the advantages and disadvantages of renting and buying can also help a lot.

One primary argument in home buying and renting is home equity. When we say home equity it means the current market value of a home minus the remaining mortgage balance. It is important because it serves as a basis for a person to be able to have credits with a relatively low interest. If you rent you do not gain equity but the good thing is you do not lose either. In home buying there is equity yet it may increase, decrease or stay stagnant over a period of time. Another point I want to deal with is all about money matters. Primarily you need a bigger budget buying a house compared to renting, only the good news is in home buying your payment will definitely come to an end, maybe after 15 to 30 years of mortgages, while in renting you will be paying until the end. If you decide to move to another place you can do it immediately if you are just renting while if you own the house then the home generally should be sold. Even though you invest much in buying a home still you do not need to worry for its value also increases as time goes by. You are not made to pay for the maintenance when you are renting unlike in home buying that you pay for it all but what is great with home buying is you are free to make any changes in your house which you cannot or limited to do when you rent. With buying you can also receive tax advantages while in renting you do not.

These are only some of the advantages and disadvantages that I can give you. Try reading some more in order for you to make a sure decision. If you then decide to finally rent or buy a house then try to see these homes in Atlanta Georgia Houses. Already decided to buy a house of your own? Browse these selections of houses in Homes for Sale Carmichael Farms Cherokee or Holly Springs Georgia Houses for Sale.