Making a Decision on Whether to Rent or Buy
Most Common Home Buying Mistakes
April 6, 2017There comes a time in many people’s lives in which they ask themselves: “should I keep renting, or should I invest in buying a house?”. While this is a delicate matter that can have life-changing consequences, you should remember that a simple pros and cons list can help you make up your mind. In order to help you out in this department, this post will go over some of the reasons why you should opt for renting or buying.
How to Decide Whether to Rent or Buy
When You Rent
- When you rent, you don’t have to commit to one place. If you feel like it, you can change neighborhoods, cities and even countries without as much trouble.
- You save yourself a lot of headaches from having to go through the overwhelming home buying process and everything it entails e.g. dealing with your bank, lawyers, etc.
- It’s no secret that buying a house isn’t a financial walk in the park. With renting, you get a sense of relief from not having to think about how much money you owe your mortgage.
- As a homebuyer, you’re sort of tied down to how the real estate market and economy are doing, which can be pretty volatile at times. As a renter, you don’t have to deal with this aspect.
- Finally, not owning a home also means less responsibilities. For example, you don’t have to fix any major problems with the house, which is usually the landlord’s job.
When You Buy
- You not only get a house, you get peace of mind because now you have your own place. There’s a sense of security and stability in knowing that you’re a homeowner.
- While it can be financially daunting, it’s probable that you have fixed monthly fees, which isn’t as different from paying rent, only that your money now goes towards something you own.
- In a way, when you rent, you’re left to the landlord’s will: they can raise their fees, kick you out and more; which is a problem you don’t have when you’re the owner.
- When you own a house, you also have an asset that you can transfer to your loved ones, so they’ll have a roof over their heads no matter what happens to you.
- Buying a house means that you have the freedom to adapt it to your preferences: if you want to make the kitchen bigger or paint the walls a funky color, you can.
Call 610-482-4086 for Title Insurance in Phoenixville
If you’ve decided that you want to purchase a property, contact Members Settlement Services, LLC in Phoenixville so they can provide the title services your case requires to have a successful closing. Call the number above for more information about their services, or if you require title insurance in Phoenixville.