Own Home or Paying Rent.

Own Home or Paying Rent.

     The two choices have their own advantages and disadvantages, for instance, renting permits you increasingly expendable cash for the time being, while at the same time owning a house gives one the feeling that all is well with the world as it is viewed as a long-term investment.

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Advantages of buying a home,

• Owning a home offers the long-term benefits of security, equity and potential growth in personal wealth
• The value of a home will appreciate over time and if you decide to sell, you can earn a profit off the sale.
• When you buy a house it becomes your legal property, which allows you greater freedom in its use without restrictions often enforced by a Landlord.
• Being a Homeowner allows you creative control of your property. You can alter the property, including décor changes, landscaping and renovations, to suit your needs and your style.
• You have the option of buying to rent which enables a Homeowner to generate income from renting out the property. This income can be put towards the home loan.

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Advantages of renting an apartment,

• Renting a property allows more flexibility than owning a home. This is ideal for those who could be faced with sudden changes such as job relocation. Renting requires no long-term commitment from a Tenant, and is the best option if you don’t intend on staying in one place for a long time.
• Moving out is easier for a Tenant than a Homeowner as there is no stress of finding someone to take over the lease, or finding a Buyer to purchase the property as this is the responsibility of the Homeowner or Landlord.
• After paying rent, a Tenant may have additional money which they can use to invest elsewhere, whether it is saving towards buying a house or investing in the stock market, and need not worry about putting additional funds into a home loan.

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