Real Estate: Should You Buy Or Rent A property?

By Michelle L Published 01/15/2010 | Real Estate

When it comes to moving to a new home, every often wonder whether it will be better for them to buy or rent a property. Now this is something that you have to decide after taking several things in to account. Some people prefer to rent properties while others like to own their own home. If you are thinking about this, then you can make your decision after considering the factors given below:

  1. Price: The first factor that you will have to take in to account when it comes to buying or renting a property is the price. If you choose to buy a property then you will need to pay a huge sum of money for this purpose. Obviously, if you do not have any problem with paying a large amount at one go then you can easily buy a property. On the other hand, if you do not wish to spend so much money then you can consider renting a property. However, you need to keep in mind that if you choose to rent a property then you will have to pay the rent for it on a monthly basis.
  2. Ownership: Some people like to own their own home and if you are one of them, then it will be better of you buy the house, apartment or condo instead of renting it. On the other hand, if you do not really stress much importance to the ownership of the property as long as there is a home for you and your loved ones to stay in, then you can opt for renting.
  3. Property appreciation: If you buy a property then you can expect a rise in its value after few years. If you wish to enjoy property appreciation, then buying is the better option for you. On the other hand, if you are not interested in the value of the property after some years because you are not interested in the value after some years then maybe you will be better off with renting.
  4. Maintenance: You need to know that if you own a house then you will be responsible for the repairs of the property. All the money that you spend on the repairs will go out from your own pocket. However, if you rent a property, then the cost of repairs will be paid by the landlord. You do not have to worry about paying these additional costs.