The current economic conditions are worsening, and people are beginning to ask themselves whether to buy or rent homes.
If the trend shows that home prices are declining and expenses to maintain a home increasing, securing mortgages becomes difficult. In a case like this, people tend to prefer renting to buying a home. These considerations are;
-When the values of homes decrease significantly owning a home becomes little more than renting from the bank.
-If you are not planning to live in that area for so long, then renting could be a better option.
-Owning a home comes with many expenses ranging from repairs and maintenance, insurance, taxes and none of this will build your equity.
-The tax breaks of homeownership are not usually enough to outdo the expenses that accrue.
However, owning a home comes with many benefits too. They include the following;
-You are free to upgrade and renovate your home to your liking since it belongs to you.
-Owning a home means you are not subjected to monthly payments to the landlord. This saves you a lot of stress and you are able to stabilize.
-Owning a hope will give you the freedom to keep pets without restrictions which a landlord can have.
-Owning a home ensures you have the freedom of making major decisions overall. You will not be subjected to rent increments by the landlord.
-If you have a family with school-going children, then it would be better to buy a home. You do not want to move from one place to another regularly because it will affect your kids. It would be wise to own a home and be stable for the sake of your kids.
-One can actually easily acquire a home if their credit score is good and eligible for a market-leading mortgage whose terms of repayments are friendly and affordable.