Knowing the Difference Between Buying and Renting a Home
The price of renting a house is just as high as the monthly mortgage. With that in mind, some believe it makes more sense to buy than to rent, depending on your particular needs. Others would rather rent, or at least do so for the meantime.
Whatever the decision is, it all boils down to your circumstances.
Why Buy a House Instead
Cwl.com.au, a commercial law firm, believes that home purchases offer the assurance that at the end of the mortgage, you own the house entirely; it’s yours to do so as you please. Should you pass away, you also have something to leave to your loved ones. Properties like home and land typically earn more equity as time goes by, as residential and commercial litigation lawyers in Brisbane will assure you. It’s also a winning situation if you happen to own a house in a good part of town.
Since you own the house, it’s not an issue for you to give it upgrades, additions, conversions and remodels. Even if at some point you decide you’d like to run a business on your property — say, a small café or an auto-mechanic’s garage — as long as the local council and zoning laws permit, you can do so.
When you own the land, you can build the type of house and the number of rooms you want. You can even paint it a certain colour that fits your taste.
Why Rent a House, an Apartment or a Condo
A rented place has restrictions. Every change you want needs the landlord’s permission. If something breaks, the landlord or building manager will deal with it. Upkeep is usually not the tenant’s job; just take care of your rented unit and you’ll have no problems with the owner.
When you’re always travelling for business, or if you live a peripatetic lifestyle, a rented place is perfect. It’s more affordable than a hotel and it’s also more spacious. If it’s a condo or apartment, you might encounter noisy neighbours, but if that’s not a problem for you then apartment or condo living is fine.
Renting or buying a home comes with various sets of pros and cons. Depending on these factors, plus of course your financial capability and family, you should be able to decide which to choose.