Buying a home for many people is the best option but to some renting a property is the best option for some. But between the two which is better? First we will consider whether you can afford to buy and then what next. Beside mortgage payment there are other factor to consider before buying the include: deposit, legal cost such as solicitor’s fees, survey cost, stamp duty, removal cost and your monthly bills such as gas, electricity home phone, etc. If buying isn’t an option for you right now maybe you can think of setting up savings plan to achieve your goals in the future. But if you can afford to but then these are some of the advantages of buying are property.
- After you retire you won’t need extra cash to pay rent and if you have successfully paid your mortgage then you will spending the rest of your life rent free.
- You can spend your cash decorating your house whereas you can’t do that on a rented property without landlord’s permission and in any case you won’t live there forever.
- Sometimes it can be simply cheaper to buy than rent.
- After clearing of the mortgage the house will be entirely yours and can be worth more than you bought it.
- If the home appreciates then you can use it to find for a better, bigger and more comfortable house.
Also there are some disadvantages of buying a property which include:
- Always be sure that you can afford the maintenance of the house as it’s a big financial commitment.
- It has less flexibility than when renting as if you want to move or personal reasons selling up and moving is far more expensive.
- If it’s a joint owned property the process of sorting out the property will be far more complicated and expensive.
In the other hand if you want to rent you should be aware of the cost that you are going to incur. These includes: The initial costs that include rent security deposit and, if applicable, the broker’s fee. Also the recurring costs which include the monthly rent and the cost of renter’s insurance. Also the opportunity costs which are calculated each year for both your initial’s cost and your recurring costs. Also the net proceeds which include the return of the rental security deposit, which is typically occurs at end of a lease.
After checking the conditions above the advantages and the disadvantages of the both plans then you should a decision based on the best option and which will favor you now and in future. Or, visit this website to find more options : http://bestpropertymanagementventura.com/oxnard/