What are the greatest benefits for people choosing to rent or buy a house, condo, or apartment? Each has its own set of reasons why you should seriously consider them both when looking for a new place to stay.
People increasingly prefer to rent out units and homes, though there’s no shortage of anyone seeking out a deal with a plan to own a home in the future. The information below will help you decide whether to buy or rent. It’s an important decision that by no means should be rushed.
Renting and Home Ownership – What Are They?
Renting typically involves a tenant signing a lease. Leases can last anywhere from three, six, to 12 months or longer. During the signing, the tenant may pay a deposit for that period to cover any incidental damages that may occur during the leasing period.
If there are no damages to the unit, the money is reimbursed to the tenant once the lease is no longer valid. Depending on the renter, tenants may add provisions in the agreement according to their needs.
Unless you can pay upfront, buying a home might require a home loan from your local bank for a mortgage. Payments depend on the value of the property, which may take many years to pay off.
The lender no longer has a lien on the property when the mortgage is entirely paid. The payment made to the lender accumulates market value on the home, also known as home equity. This, in turn, opens up eligibility for a home equity loan or line of credit, money typically used for renovations. Take note that individual condominiums are also available for ownership.
If homebuying sounds more complicated than renting, it usually is. It’s a process that may take many years to finalize payments borrowed from a bank. Renting could be more practical, especially for people that prefer to reside in urbanized neighborhoods.
For example, renting a unit in Arte West Orange County provides great access to public parks, gyms, shopping, and evening entertainment. Modern complexes like this usually feature some or all of these amenities for tenants.
More Benefits for Renting and Buying
To reiterate, buying and renting is a serious choice that shouldn’t be made with haste. However, most renters and buyers have an idea of what they want. Individual considerations are also important, such as area of employment, how long the commute is, family size, whether or not one is single, and the likelihood of future roommates.
Here are the primary advantages of renting and buying.
- Repairs are the burden of the rental property – Although you would have to put down a deposit when your lease is signed, the burden of making general repairs to your home or unit falls on the company managing the rental property. That means there’s no worry about you going out the buy paint, gutters, kitchen fixtures, or other similar items when they need repair.
- Lots of amenities – Not all rental properties are the same. But living in one packed with amenities can lower the need for you to go out whenever you wish to socialize, relax, or work out. Many rental condos and apartments have swimming pools, gyms, and outdoor grilling areas. More rentals are adding bars for adults to lounge and socialize in the evening hours.
- Better living options – Rental properties are easy to find. They’re also varied in style and size. This benefits people looking to downsize and move into an area with less furniture or those whose work requires them to move locations.
- A better investment over time – Paying a mortgage allows homeowners to get home equity loans. Additionally, the residence can be used as a rental for short or long leases.
- Easier to customize – Home ownership will allow you to build on your property the way you want. You can remove drywall, add new interior fixtures, and paint the walls to match your favorite colors.
Choosing What’s Best for You
Both buying and renting benefit tenants and homeowners in different ways. If you’re interested in the latter, having a place with good communal amenities is highly recommended. But no matter what, pick the option that best aligns with your preferences.
Author – Sylvia Jones