Rent or Buy dealing with the confusion
What is the best solution for solving Rent or Buy confusion? In many cases we see buyers in a dilemma because they don’t know either buying a house is an ideal choice or renting one can bring long term benefits? The best and most appropriate strategy is that one should start studying the prevailing housing trends that are present in the main market.
Factors like fluctuation in prices of homes, unstable economy, unemployment, down payment, expired tax credits etc influence the decisions related with renting or buying a property. Majority of people consider purchasing a house as an investment so they want to make sure that money is being used at the right thing which can bring long term benefits. In present scenario buyers are facing different options and this makes it difficult for them to reach a conclusion.
When we consider the economic conditions of the world, then a lot of instability is present and in these circumstances renting appears as an ideal choice for masses. Let’s put a look at some reasons which support renting over buying.
Financial Investment is smaller
For renting a property on your part it is important to deal with the security deposits in addition to the rent of first month and this is surely a small investment, which brings satisfaction because unlike buying no big amount of money is involved. In many situations you don’t have to take loans in massive concentrations and rates of interest are also lowered. Best part is that you are spared from additional expenditures which disturb property owners like insurance, taxes and high rates of interest on loans.
Upkeep cost
The upkeep costs are minimal because home owners are required to deal with all this. This is a big relief because you are spared from worries related with maintenance of property, but yes responsibility of taking care of everything is also upon you. Otherwise your legal obligation is to deal with the monthly rents along with utility bills.
Flexibility
Renting appears as a flexible choice in comparison to owning normally agreements are made for specified time period and after the termination of agreements you are free to go or stay. In situations where you want to terminate the agreement prior to its expiry date, then according to rules you have to notify the landlord. In case you have not caused any kind of damage to the property, then security deposit is also returned. Owners of the house have to face a number of issues when they decide to move because they have to put the house on sale and this is a complicated procedure.
However, if you still think that buying a house is a better option for you, then do consider the Canada Prime Rateas well as other issues associated with it. One should always make the final choice keeping in consideration ongoing market trends as well as personal requirements and limitations. Consulting matters with a credit advisor is always a very good choice and your confusions can only be solved after discussions.
