Is It More Practical to Rent or to Buy Your Own Home?

  • Posted in Removals
  • Published on Tuesday, 24 August 2010
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Is It More Practical to Rent or to Buy Your Own Home?
Owning a home has its benefits. It's not for everyone, however. For instance, if you are at a phase in your life when you are moving from one place to another because of your job renting would be ideal. This will allow you to be more flexible because you can virtually leave anytime you need to. You also don't have to worry about the maintenance of the unit. The only disadvantage is you would be paying rent without gaining any form of ownership in the end. Still, it's more convenient for your situation.
If you have a family, on the other hand, you need more stability for your family especially for the kids. At least you know where your money is going to. At the end of your mortgage loan you end up gaining ownership of the house. Your costs do not end with the down payment and mortgage payments though. Unlike when renting, you have to maintain the house with your own money. But then the advantage of this is you can redecorate and even renovate the house the way you want to. And while property value fluctuates, you would more or less gain from the appreciation of the value of your home.

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