To rent or to buy? For some, the decision of what to do when looking for somewhere to live is easy; finances and circumstances might dictate one choice over the other. However, if you aren’t sure – perhaps you have always rented and although you can afford to buy a property you are concerned about doing so, for example – it can be something that weighs heavily on your mind. Below are reasons to make the change and buy a property rather than renting; there are many benefits.
You Own It
Clearly, the biggest difference – and potentially the biggest benefit – of buying a property is that you own it. You aren’t renting it from the landlord who can choose to do whatever he or she wants to do with it, meaning you are in a much more stable position. You can really put down roots without the worry that the owner is going to choose to sell up one day, leaving you with very little time to find a new place to live.
Apart from this newfound sense of stability, you can decorate the property in any way you want, and make any changes you feel are necessary without having to abide by the landlord’s rules. You can decorate and paint the walls your favorite color; you can change the carpeting, you can make the garage into a games room, add a conservatory, pave the yard, or install home solar systems from www.solarelectricpanels.com. You can spend time making the place your own. The point is, the choice is yours.
You Can Make Money
Some people buy properties so that have somewhere to live for the rest of their lives. Others buy because property, despite everything, is still a relatively safe investment. If you are able to hold onto your property until the mortgage is all paid off, you will then have an excellent opportunity to sell it to fund your retirement. You might even want to pass it on to your children or grandchildren, giving them the option of selling and making money.
You could even turn yourself into a landlord and rent out the property that you buy so that you don’t have to move and the rental income covers the mortgage payments. Being a landlord can be a seriously lucrative ccareer ifyou do it right and make sure all the correct contracts are in place.
4There Are Tax Benefits
Paying tax is a process we all go throughand filling out a tax return each year may be a chore, but it is most certainly an importantone. Something to make it a little more interesting for homeowners, though, is the fact that they can deduct their mortgage interest as well as property taxeson their tax return, reducing what they need to pay. This alone might persuade you that buying is better than renting in the long term.
Fixed Rate Mortgages
Unless you work in finance, mortgages aren’t going to be particularly interesting to you, but it might be time to start looking at them more closely. If you choose a good fixed rate mortgage, you will know exactly what you are going to be paying each month for the next two, three, or even five years. The same can’t be said of rent, which could rise every year and eventually become unsustainable.
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