Renting vs Buying
More often people are faced with the dilemma of whether to opt for renting a house or buying a home. Unfortunately, there really isn't a cut and dry answer to the question. Because, in most cases, the decision often comes down to a choice between purchasing a house of one's own, as opposed to, deciding to rent. There is no such thing as a right or wrong answer because the decision must be a personal one, which considers several factors, including finance, personal comfort zone, possible pride - of - ownership, strategies, needs, and anticipated length of time, one expects to live somewhere.
Additionally, some economists have suggested that renting may be more beneficial in a down economy while buying a condo helps you achieve equity and represents an investment for the future. If you are still on the fence about what to do for your next residence, here are a few pro and con to consider before deciding to either rent or buy a house:
Advantages of Renting
The most significant benefit to being a renter is that you don't have to be responsible for damage that is caused by weather or other things in the house that might break because of these types of circumstances. If you need a new roof because of a hail storm, the owner is the one that takes care of it. It's not an advantage that you are paying the same fee month after month, but you also don't have to deal with calling repairers and getting everything set up to make sure the house is fixed up properly. Part of your payment is for this service which frees up your time. In addition to that, there are times that people tend to change their jobs or careers in a short period of time. When you are in this situation, renting is a better option. When you have plans on moving and relocating to another area due to the career change, you don't have to worry about any other expenses with the property you currently live at.
Disadvantages of Renting
-Renting limits you the way you decorate your own home due to landlord restrictions.
-You are subjected to follow your landlord rules and decisions
-You have no control over price fluctuations in rental payments.
-There is no equity built on the property whenever you pay your rentals.
The Advantage of Buying a Home
Generally, one of the limitations of renting is the inability to customize your residence. Thus, the most significant advantage of buying a house is perhaps is that it increases your assets. Besides, owning a house implies guaranteed appreciation over a long period of time. When you own a house obviously, you do not have to pay monthly rentals. The sense of ownership that is attached to owning a house is missing when you live on rent. As soon as you repay all the house loans, you will be the king of the house. Thus, unlike renting, whenever you pay your mortgage, you increase the degree of ownership you have with your property in every payment. Owning your own home also allows the individual to refinance the house and use favorable rates in order to fund major purchases or other costs in the property.
Tax deductions - Owning a home can also open the opportunity to decrease your property tax payment or mortgage interest. In most cases, the IRS also excludes individuals in terms of "capital gains" from the profits of the home when it is for sale.
Disadvantages of Buying
Many financial experts say that owning a house is simply an investment. This means that as the dynamic housing market turns into a more dynamic market, real estate markets in the US always vary greatly - which means that every consumer should become sophisticated both in their own finances but also the data that the market produces.
Conclusive, real estate is a tough and meat industry. If you are not careful, it will eat you up ten times over. Most people get only one chance and you are done for a long time. Most decisions in life are based on emotion, and in real estate, if you let emotion control your choices, you are in for a potentially catastrophic ride. Most importantly, make a professional help you with a plan. Hence, as you can see owning a home or renting a place of your own both have advantages and disadvantages, what is right for you honestly depends on you, your family and your goals and dreams. Thus, the current market conditions may also play a significant role in your decision as well. Hence, whatever you decide, you may want to consult with a mortgage lender to see if you are able to afford a home in your desired location in south Florida. Even if you do choose to rent instead of buy, you will have a better understanding of your options by consulting Miami Real Estate.