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Article > Should You Rent or Buy Your Home?



Article kindly supplied by

www.morganrandall.com

 

 

Homeownership is something which many people aspire to in Western society, particularly once they reach a certain age and maturity. Once people move into their thirties and forties, they no longer want to be answerable to some landlord. They want something they can call their own. As well as that, they also want something that is going to save them money. And homeownership is seen to be a long-term solution to this. A close look though reveals that there is in fact just as much to like about renting as there is buying.


Zero Maintenance Costs

One of the biggest advantages of renting as opposed to buying, is that you will pay no maintenance costs for upkeep of the property. The landlord alone is solely responsible for this. Therefore, if you're renting through Morgan Randall (or a similarly respected firm), and the roof starts to leek, you won't be faced with a whopping bill in order to return things to normal. But your landlord will.

Real Estate Taxes

In many countries homeowners are obliged by law to pay real estate taxes. And depending on which area of the world you live in, these can be very sizeable, particularly if your house is bigger than average. Where this is the case, people renting instead of buying won't be forced to suffer this financial burden either. In the UK Landlords who rent property to tenants will have to declaire their rental income and pay tax.

 

No Big Down Payment

This is one of the chief things which scares people away from getting a mortgage. And rightly so. The down payments required for a mortgage can be massive, particularly for younger couples who might not be on high salaries. And even older couples should consider whether or not they want to be tied down by a mortgage for a number of decades. Remember: a mortgage is a massive financial responsibility, which can really limit your options, particularly in times of economic instability.

Far More Flexibility

Life throws all sorts of curveballs at us, often when we least expect it. Let's say there's a massive crisis in your life, and you can't stay in work or must move away. If you're only renting, you'll have infinitely more flexibility than if you were tied to a mortgage payment plan.

 

The Rental Route

Some people just like the idea of owning their own home. And that's perfectly understandable. However it's important to be aware that there are actually many financial advantages to following the rental route instead.

 

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