“There’s No Place like Home”
Once in a lifetim
e, we have all uttered this phrase. However, what does this apply to: a home that we buy or the home that we rent?
If you think about it, both options are appealing in their own ways, and depending on the amount of money you have saved, either one can be in your favor. Where becoming a homeowner is every American’s dream, renting is not far behind. Here’s a breakdown on both real estate options:
· Buying: Building Equity
Investing in real estate does not just mean that you are buying a roof under which you can comfortably sleep. It represents something huge that will aid you financially in the future. The mortgage you take out is the first thing that will build the equity of the house. The faster you make the monthly payments, the more equity you will get.
How does this help you in the future? “Instant Cash”. The deed is in your name now, and you can easily sell it in the market or take out a loan on it.
· Renting: No Equity Building
You might not be able to build any equity on a rental, but you sure can live more freely. You don’t have to think about cutting back your expenses or taking out a loan. As long as you have a steady job, you can live comfortably.
· Buying: Potential Income
Being a homeowner can be a curse and a blessing. Imagine yourself suddenly out of a job and without any means to make mortgage payments. The plus side to being a homeowner here would be that you can rent a portion of the house, and make the payments. However, you still have to pay property tax, other fees and maintenance costs. Not to mention any repairs that the renter might leave behind.
· Renting: Free Rein
Renting might take cash out of your pocket for your entire life, but it is less hectic and involves less paperwork than buying a house. All you have to do is reprise your contract yearly or whatever the landlord demands and keep paying the rent. The rest is taken care of by the landlord.
· Buying: Decorating Your House
You can give your house a personal touch by decorating it to your heart’s content. Every cent you put into the decoration will build your home’s equity. Most people like to tackle the backyard first with some luxury additions such as a swimming pool or a patio. Sounds good so far? Imagine the changes you can make and how amazing the end results can be.
· Renting: Temporary Comforts
Any changes you make in an apartment will be temporary comforts. You might be able to take some of the changes you made, but not all of them. Moreover, you cannot make any permanent changes to the apartment that might change its structure.
Buying or renting a house is not just about numbers, it’s about seeing what makes you comfortable and benefits you more. If you are looking for house to buy or an apartment to rent, then visit https://www.kstrealty.com/ for real estate listings in Sandy Springs GA.