subject: All About Buying And Renting A House [print this page] Buying a property can be a major decision in life. In fact, it is the biggest decision that most of us could make in our lifetime. Obviously, people wish to own a property, but there are times in life that renting is ideal. Typically both buying and renting a home have benefits as well as costs. To know more about it, the following are key pointers to consider.
Buying a home requires a big amount of money and most likely, one has to borrow the money. Majority of people doesn't have other choice but to take higher interest rates on a mortgage. During the first five years of home ownership, no significant amount goes to the principal amount. The home owner is mainly paying the interest of the loan. Since payments are mainly interest, home equity is hard to build unless the owner decides to stay in their home for a long number of years or the price for homes will increase dramatically.
If you're planning to own a house for a shorter period of time and the housing market is not faring well, then may be renting a house could be an option. Typically there are extra costs in completing a house sale and it is usually charged to the property buyer. So, if you're not ready for these costs, you would do well with renting a property as of the moment.
Buying a property, however, is not all about mortgages and interests. There are also benefits in owning a property. In fact one of these is the tax write-off. The government allows homeowners to write off the interest from their income while tenants have no such write-off. Additionally, homeowners can have different payment options whereas tenants take what a homeowner offers.
On the other hand, renting a house offers benefits especially in the maintenance of the property. It is actually the landlord that takes care of maintenance costs. A tenant is not bound by mortgage and its interest nor worried about current economic crisis of the housing market. All they would care about is their contract and are free to move out without having to deal with reselling the property.
To know whether you should purchase or rent a property, think about the long term goal. So if you have been renting a home for quite a number of years, then purchasing a house today is the most ideal thing to do. Remember that renting is spending whereas buying is investing your money. Of course, you can never own a rented property no matter how many years you have been staying in there and paying the rent.
To make your investment worth, it is certainly best to choose Scottsdale homes. Scottsdale homes are situated in a beautiful themed community wherein security and safety is assured. Plus everything that you need in a community is already in the vicinity of a Scottsdale real estate like beautiful homes, recreation, security, accessibility, friendly neighborhood, sports activity center, and a clean environment. You can check the site now to know more about the Scottsdale real estate community.
