You’ve saved up some money and are pondering whether to buy a house. The money you’ve saved can serve as a down payment, and you can easily handle the mortgage over the next ten years. So, why rent a flat when you can own one? In theory, it all sounds good, right? Why pay someone else’s mortgage when you can own an asset? But, in reality, the truth is more complicated than that. Continue reading this article to learn more about the benefits of renting.
The Age Factor:
How old are you right now? You might think, why would it matter? Believe me, it matters. If you are in your late twenties to early thirties, buying a house might not be a good idea. Consider this for a moment—you’ll have to put a substantial amount of money as a down payment. Regardless of where you want to buy your house, you are going to let go of your savings. Now, parting with such a chunk of money at this early stage might not be a good idea. You could have used the money in different ways. Money brings money, right? So, you could have invested the sum in stocks, bonds, and more to get a higher return. On the other hand, when you are pushing 40 and have saved up quite a lot of moola, you might consider getting your own place and not paying rent anymore. Until then, keep the hustle alive. Don’t get too comfortable.
The Location:
Where you buy your property is of utmost value. You cannot expect to buy a property on a desolate hill and expect the resale value to go up. On the other hand, if you can own a house in a city like California, you have made it. Buying a house in a big city allows you to resell it for a better price. The real estate market usually always goes up. But what if you cannot afford to buy a place in the city? Most people can’t afford a place close to their workplace or in the proper town; there’s no shame in it. Until you can afford it, rent it. Look for houses for rent in Rosharon, TX, to get a prime location. If you are a family guy, you would want good locations for schools, parks, and more for your kids. Plus, you want the location to be safe for your kids.
Less Maintenance:
Let’s think about this for a moment. When you own a house, you are bound to it. It is like a rock that holds you back from soaring high. You need to maintain the house and look after it. If you hire tenants, you will have to pay attention to their needs as well. What if you get a new job opportunity that entails you leaving the city? What happens then? Have you thought of these things? Renting provides you with the opportunity to start over, to press that restart button. And who doesn’t want that? Simply put, buying a house is like getting married. It’s not for everyone, and if you do decide to tie the knot, do it on your own terms.
