| When it comes to moving house that age old question | | | | mortgage interest, owning your home is actually not |
| keeps rearing it's head: is it better to rent a home or is | | | | that much more expensive than renting a flat when |
| it more cost effective to buy one? There are many | | | | the markets are rising. This is particularly true when |
| factors to consider, however the decision over to | | | | interest rates are low. These factors aside, the other |
| whether to rent or buy will largely be a personal one. | | | | appeal in buying your own home comes from the pride |
| Of course there will be various economic factors that | | | | that comes with owning your own property and the |
| will play a part when you are considering purchasing a | | | | freedom that you have to make changes where |
| home. Interest rates will fluctuate and real estate | | | | desired. |
| values and concerns over job security can determine | | | | Your own personal financial circumstances and the |
| whether the current climate is right for realistically | | | | current state of the market will determine whether it is |
| considering a purchase. | | | | more cost effective for you to buy or rent. There are |
| There are certainly plenty of advantages when it | | | | plenty of websites available that will help you with the |
| comes to renting a home. If you are moving to a | | | | relevant calculations that you need to make. If you |
| completely new area then deciding to rent a home or | | | | perform an analysis of 'rent Vs buy' then in a climate |
| apartment then then this will offer you as much time | | | | where the marketing is appreciating moderately then |
| as you need to grow accustomed to a new location | | | | on average it works out at about 5-6 years before |
| and you will also have the freedom to move | | | | the buyer gains the financial advantage, so if you are |
| elsewhere at short notice if the situation arose where | | | | willing to take the long term advantages into account |
| career opportunities arose elsewhere. Another | | | | then it could work out better for you if you buy. |
| advantage of renting a flat is that apartment | | | | An excellent alternative to either of these choices |
| complexes will quite often offer health and fitness | | | | would be a rent-to-own arrangement, This is especially |
| facilities. There is usually the added benefit of not | | | | useful if you are at all undecided about the area that |
| having to worry about the cost of property | | | | you are choosing to live in, your career choice, the |
| maintenance, property taxes or homeowner's | | | | possibility of prices falling or perhaps you need to |
| insurance. | | | | accumulate the money to buy. You still get all the |
| It would seem that renting a home offers plenty of | | | | advantages of renting so you will always be able to |
| advantages; however they are mostly short term | | | | move out quickly if your circumstances suddenly |
| benefits. People who decide to buy a house get the | | | | change. |
| opportunity to accumulate equity by paying down | | | | Ultimately you have to consider your personal |
| principal and also through possible real estate | | | | long-term goals and lifestyle. If you feel happiest renting |
| appreciation. In an economic climate where the market | | | | and not having the pressure of having to maintain a |
| appreciates rapidly, you will be staggered at the gains | | | | property then this will probably be the correct move |
| that can be made. It can be argued convincingly that | | | | for you. |
| with the additional deductions that are allowable for | | | | |