This is a common question many people ask themselves.
Should they go for buying a home or choose the easier at first sight option of hiring a place to live in? The truth is that it is very hard to say which one is the better solution. Both options have advantages and disadvantages that is why the choice should be made upon your specific needs and requirements. No matter if we are talking about a just married family or people that are in the middle of their 40s , the eternal question of “to buy or to buy” will be always on the day plan. This question is even more on the topic these days as a consequence of the world economic crisis, the crash of the prices of properties, the insecurity about your job position, etc. There are families with children that continue living under rent and others that in their efforts to buy their own home now find it difficult to pay the monthly fees for it. In order to avoid any risky and stressful situations, every family should ask themselves the following question – “Are we ready to invest in a new home or it is better to wait for a couple of years more and continue paying for a home for rent”. This question is very live for elder couples who have no more than 20 years left to retire. It is the topic of the day mainly because of the current economic situation that might significantly change in the next couple of years hopefully for better. The arguments “for” and “against” buying a new home are equal. It is hard to advice which one is the better choice that is why we will take a quick look at both “for” and “against”. Let us start with the advantages of investing into buying and moving to a new home.
The first and most important one is that people are used to settling down. Living under rent is far from this. The prices of the rents may vary which states you in a very inconvenient situation in case the rent for the place you are living increases. On the other hand is the situation if you possess the home. You invest just once in its purchase and then stop worrying about the increasing rate of the rental prices or need moving to another home. And this takes us to the second advantage of investing into a new home. Due to the economic situation, the property prices have decreased significantly. That is why now is the most appropriate moment for purchasing and moving to a new home.
Once the home is yours you have one significant advantage compared to those living under rent – the home is yours after all. You do not depend on landlords, on economic situations, on variations in rentals prices.
The arguments “against” buying a new home are as reasonable as the above stated. Especially if you are living in the countryside, where rentals are not expensive at all and it is much more profitable to pay for a small rent rather than invest a serious amount of your budget into a new home. There are no taxes to pay for the property – this is a concern of the land lord. And probably the most important reason why it is better to live under rent is the fact that there aren’t too many people who can pay cash for a new property. And most of the people decide to turn to the option mortgage. And this means fees a very month for at least the next 10 years.
These are the simple facts. We cannot tell you which option to choose. Consider the solution that meets your needs and never forget to ask yourselves this question: “Can you risk?” When you have the answer, you will have the decision.
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