Select: Buy or Rent a Home

Strolling on a neighborhood and magnificently surrounded by high and huge houses a question pop on my mind, which is better to buy a house or just rent? Am I the only one having such query at this very moment? Most people who are planning to make their own family or start with their own lives have the same question with mine. Hurrying may sometimes lead us to an incorrect decision so we really need to think about it. Knowing certain things about renting and buying might aid us in one way or the other.

Renting is an agreement where a payment is made for the temporary use of a service, property or good owned by another. On the other hand, to buy is the complete acquisition of a good or property with something in exchange, may it be money or any other form of payment. By just looking at the two separate definitions you can then spot the big difference between the two. Put in mind the word temporary and complete. Let us now utilize it to the context or real estates. When you rent a certain property you pay a specified amount of money every month in exchange of you occupying or using it while when you buy you give a bigger quantity of cash as a payment for the house that will be yours afterwards. There are two areas that I would like to focus on and these are readiness and appropriateness. Readiness in the sense that choice of staying in that particular place for a long time and the financial stability should be considered. Do you have adequate resources to use in acquiring a certain property? Can your credit score give you a much lesser interest rate? If the answer for both these questions are no, better rent than buy a house of your own. The readiness to stay in a place is also very essential. If you do not have plans of staying long enough like six years or more in the place where the house is located so it would be better if you will just rent an apartment or a house instead. Let us now proceed with appropriateness. Do you have a family right now or have plans of having one soon? Can you foresee the need of an extra space for everybody? If yes then it is just rightful for you to have a home of your own. To know the advantages and disadvantages of renting and buying can also help a lot.

One main argument in home buying and renting is home equity. Home equity is defined as the current market value of a home minus the remaining mortgage balance. It is of importance for the reason that it serves as a basis for a person to be able to have credits with a relatively low interest. In renting you do not gain equity but the good thing is you do not lose either. In home buying there is equity yet it may increase, decrease or stay stagnant over a period of time. Another point I want to discuss is all about money matters. At first you will be needing bigger budget buying a house compared to renting, only the good news is in home buying your payment will definitely come to an end, maybe after 15 to 30 years of mortgages, while in renting you will be paying until the end. If you decide to transfer to another place you can do it right away if you are just renting while if you own the house then the home generally should be sold. Even though you invest much in buying a home still you do not need to worry for its value also increases as time goes by. You also do not pay for the maintenance when you rent unlike in home buying that you pay for it all but what is great with home buying is you are free to make any changes in your house which you cannot or limited to do when you rent. You can also receive tax advantages in buying unlike in renting that you cannot.

These are only some of the advantages and disadvantages that I can give you. Try to read some more for you to be able to make a sure decision. If you then decide finally to buy or rent a home try to see these houses in real estate Alpharetta GA. Have decided to acquire a house of your own? Try these selections of houses in homes for sale in Smyrna GA or Buford GA real estate.