Buying Versus Renting
With the economy getting worse and the housing market and price of land going up, it is getting harder and harder to find security in a home and in home loans. There are both ups and downs to owning your own home these days, as always. Houses can be a sinkhole for your money in many ways. Many people argue that buying a house versus living in rentals is much more efficient in that you will eventually get your money back. This can be true sometimes, but many times it is not. Take an older house, for instance. If it is in fair condition and the price is decent, it is very tempting to want to lean this direction. If you believe you will own the house long term and it is something you feel is worth it, then it probably is. But if it is a house you are hoping to eventually sell and move on from in the next few years, be sure to think it through thoroughly before you buy. Depending on neighborhood, size, condition and updates to a house, there are times that you simply may not get your money back when reselling. Make sure that you take all aspect into consideration before you make any decision.
It is possible to put too much work into a house you wish to resell. With home ownership also comes ownership of all the problems that a particular house may have. You may have fairly low mortgage payments every month, but what about the monthly bills that are unexpected? Like that pipe that burst in the basement that had to be replaced, or the leaky faucet and toilet in the bathroom, the roof that needs to be replaced, and the air conditioning unit that keeps you crossing your fingers every summer? These things, in addition to many more, could come upon you unexpectedly, so that you have a relatively steady flow of money leaving your budget every month for minor or major repairs.
On the other hand, there are many pluses to rentals, whether you rent an apartment or a house. Most of the time there is a person who will be taking care of things such as mowing your lawn, repairing leaky faucets, updating roof and appliances. With many rentals, the water and electric is already included in your monthly payment, making it both easier and cheaper where your budget is concerned. Depending on the time of year and the amount of water or electricity you utilize, this can be an enormous help. Not only do rentals cut back on expenses in this way, but they eliminate all of the hassle you encounter when contacting, meeting with and paying others to work on or repair things around your house. This is all done by someone else, and you do not have to worry about it at all!
Another important thing to note about rentals is that you can move based on your own timeline and not someone elses. You do not have to wait patiently for someone to look at and purchase your home before you can purchase one yourself. You do not have to worry about cleaning your house every night for an emergency call from your agent who wants to show your house at a moments notice. You can leisurely look around for another place you wish to live, and when you find it, simply give notice to the manager.
May 2007 Total Quality Assurance Service Blog Archive
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