Just like two sides of the coin, both renting apartment and buying a home have got pros and cons. Of course, the choices depend upon a lot of factors. For example, a smaller family would want to wait before taking the decision of owning a house. Similarly, a family who is looking for security, wouldn’t want to rent a house.
So first, let’s take a look at both the advantages and disadvantages of renting apartment.
Pros of buying a house
- Equity ownership
On paying back a home loan, every money that you spent towards your loan principal stands for a dollar of equity. In this way you reach a higher equity, therefore the actual ownership of the property. Also, the interest rate goes down.
- Tax benefits
Certain tax benefits are only applicable to homeowners such as homestead exemption and federal tax deductions. These benefits are only for those with a much higher tax bracket. Therefore, such benefits cannot be enjoyed by the renters.
- Freedom of choice
As a homeowner, you can decorate your house in the best way possible. There is no tension of breaking local building codes, etc. You can create a living environment depending upon your choices and to your heart’s content.
Cons of buying a house
- Maintenance cost is high
Being a homeowner is not easy. A person is responsible for covering several types of maintenance and repair costs. The cost rises over the years and these expenses turns out to be a headache to some.
- Unfurnished homes
Depending upon from whom you are buying your house, you might have to buy an unfurnished house. This brings forward several things into consideration such as money, time and energy.
Pros of renting apartment
- Easy relocation
Being a renter has a big advantage of moving out of a rented house easily. There are no hassles, less time-consuming and at the same time less costly too. You can also shift from one location to another depending upon your change in tastes and requirements.
- No maintenance hassles
Contrary to homeownership, renting doesn’t involve any hassle of maintenance or repair costs. If anything goes wrong in the apartment, maybe an appliance stopped working or the sewage system got hampered, it is the responsibility of the homeowner to fix it.
Cons of renting apartment
- No housing security
A house is considered as an asset because a homeowner can stay in the house even during mortgage payments. Whereas a renter, if fails to pay the rental lease, can be asked to vacate the apartment without any prior notice, whatsoever.
- Less control over ongoing housing costs
If the area where you choose to rent your apartment doesn’t have strict rent control laws, your landlord can increase your rental raise just when the current lease expires. Until and unless you have a friendly relation with your landlord, you are likely to face increase in such ongoing housing costs.
Now that you are aware of all the possible aspects of both renting apartment and buying a house, the decision completely lies on your shoulder. Analyze what exactly you are looking for and take the right decision. La Maison of Saraland is offering several floor plans option to choose from that will ensure you live a luxurious life.