Should you Lease or Purchase Apartments
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Why buying is better than renting? |
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Many people gets confused in buying vs renting. Ofcourse this is a biggest and the hardest financial decision one has to make . |
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Owning a home is a huge responsibility. One has to compare the pros and cons before deciding whether to buy or rent. |
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Buying a home has some advantages over renting. |
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Tax Deductions: |
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The mortgage interest and the property taxes a home owner pays are income tax deductible . |
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Equity: |
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Homeowners start buliding equity as they pay off the principal on their mortgage and as the property prices appreciates. |
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Homeownership is the best and the smart investment one can make. If you are renting then your money is going in the drain . |
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Flexibility: |
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Its your space!! You can live like you want! You have a choice to decorate ,remodel or make some additions in your home. |
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Rental homes sometimes has pet restrictions. If you have your own home , you can adopt a pet without any restrictions. |
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Stability: |
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As a home owner you have stability of living at one place which might not be possible while renting. |
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Also there are no worries of expiring leases or landlord's notice to vacate. |
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Builds Credit History: |
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When you start paying off your mortgage ,your credit history builds up. A strong credit history makes life easier. |
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Before buying a house its always better to choose a lender and get pre-approved .By getting pre-approved the house hunter knows in advance how much they can actually |
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afford to purchase a house . |
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It also prevents disappointment in home buyers as they know their price limit for buying a home and will not shop for anything higher than that. |
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Even a seller feels confident |