Renting a home is cheaper than buying and the rentals are lower compared to regular house payments. In addition, your rent covers utility costs. For others, they’re saying that they have more flexibility when they’re simply renting an apartment and most leases would require 12 months. In case, their work requires them to move, then they can easily do so without worrying about leaving their home behind.
Disadvantages of Renting
The following are some of the most common disadvantages of renting:
• There’s no tax benefit and you can’t claim deductions for property taxes and mortgage interests whenever you file a tax return.
• The housing costs are not fixed until fixed rate home mortgages. In all probabilities, your rental expense will most likely increase on a yearly basis
Advantages of Home Ownership
• You will enjoy your own privacy – Nothing compares to the joy and satisfaction that you will surely feel the moment you have your own place. You can do anything you want. You could even build a pool in your backyard provided you have the means to do so.
• Home ownership is usually an excellent type of investment – It is good because you are exchanging money for a fixed asset. So long as you maintain your home and provide for the necessary repair works, you will be able to sell the same after several years. Wise investors mostly deal with real estate properties because they are aware of the truth that these assets are here to stay forever.
• You get to enjoy more stable housing expenses from year to year. Unlike renting wherein the amount of rental expense is continuously increasing, owning a home would let you enjoy stability. In this regard, you can easily budget your home costs so as to conform to your usual needs.
• There are tax incentives that are related with this type of investment. Although you are in fact going to pay for interests on your home mortgage, you can deduct this amount from the taxes that you’re going to pay to the government.
• Human pride and sense of belonging are definitely improved when you own a home. Now, you’re able to hurdle another obstacle that many individuals haven’t tried or failed in the process. Buying a home comes with a great deal of dedication especially when you’re still paying your mortgage.
It’s a great idea to look into the quality Vancouver MLS listings from time to time so you will become aware of the prices of homes in the locality where you are planning to move in. Take note of the fact that prices for properties are always on the rise. It would be an excellent move to purchase a home as early as possible and while you can still afford to pay for the price thereof.
Don’t wait for your senior years to arrive before you even think about investing in a home. Act now while you’re still young. Don’t worry about the amount that you’re going to part with. It will soon be reverted back in your account in the form of savings from no longer paying rent.