To Rent or To Own?

There still weak returns when it comes to real estate market sales. However, there are still many home buyers who take the risk and reap the benefits of owning a home. Owning can take a toll on you physically, emotionally and financially but the advantages you gain after a few years will outweigh all of these. Here are five facts you can delight in when owning a home in comparison to renting one:

1.   A variety of home you can choose from — Because of the real estate market crash as well as the financial crisis the US experienced in recent years, you can see that there are many homes that are for sale. A quick search on the Web will net you a smorgasbord of properties to choose. Similarly, if you go through MLS or multiple listing services, you will get a bird’s eye view of the number of properties you can buy at a particular location.

2.   You can renegotiate the price — Again, due to the fact that there are many homes available on the market, sellers are compelled to lower prices in order to stay up with the competition. Some even “give away” appliances, furniture, fixtures as well as other items as part of the package. You can read this info in the written purchasing agreement.

3.   Satisfaction of having a property you can call yours — Renting a house can limit the activities you can do and you have to stick with the guidelines set by the homeowners association. Meanwhile, being a homeowner can allow you  the freedom of having more visitors more frequently and having to forever benefit from renovation works as well as other repairs you would do.

While it may be true that renting can result in more convenience for some, owning a home can have you enjoy the benefits thereof for a lifetime (such as renovation and home improvement).

4.    Involvement in community — Long-term relationships with neighbors is easier to establish in a community compared to an apartment or condo. When renting, tenants can easily migrate elsewhere than own a home. By having your own property, it is easier to get involved in community activities.

5.   You can avail of no down payment scheme or get packages with the lowest interest rates — A good credit score is a pre-requisite to enjoy this privilege. You can ask the advice of real estate agents as well as funding agencies to know which kind of mortgage is best for you and your needs.