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Should I Buy a Home Or Not?
By Ricardo d Argence | July 13, 2008
It is not a matter of flipping a coin when deciding whether to buy or rent a home. There are a lot of things to think about. Make sure you compare your income against the local market when you make your housing decision.
No matter what you conisider your dream home, you still ahve the option to rent until the time is right. The choice you make will come down to financiang. This is what you can count on paying when renting, rather that purchasing a home. In a nutshell, this always will be the main determining factor between the two.
There are several optional points when considering buying a house. Buying a house will put you into a more permanent community, than a rented complex. This essentially means that you are a part of the larger consciousness. Communities are collectives.
It isn’t easy living up to such a high standard of owning a home, especially in a neighborhood full of other people who own homes as well. It is assumed that you will maintain your yard according to neighborhood standards by keeping the lawn mowed and the landscaping freshly cut and sculpted. In your new house, you won’t have to abide by anyone else’s rules. Your neighbors will expect you to follow the community rules. In other words, you will either have to maintain things on your own, or have to pay someone to contract it for you.
In this situation, you are free to make your own choices about gardening and landscaping. Your personal preferences are preferred and encouraged. In the neighborhood gallery, you are free to be an artist. As long as you are not an abstract artist that loves to copy Jackson Pollack’s masterpieces, you are safe. When owning a home, you will be required to do your best to make your home fit in to the surrounding neighborhood.
You don’t have to worry about the outside appearance of your house if you rent. All of these things are already done for you. In fact, you probably do not have a choice in this matter. Often times, you do not have a choice of the inside colors of your rooms either. These choices are beyond your control. You are now a renter. These decisions have already been made for you either by the managing company or the owner.
When you enter into a rental agreement you must make sure that you have the first and last month’s rent for a deposit. In most cases, you sign a lease to stay for a determined amount of time, move in and leave the rest to the owners. The maintenance is included as a part of your leasing agreement. One of the advantages of renting a home or apartment is if an appliance or toilet breaks down, the management or landlord repairs it.
You are responsible for repairs and maitenace when something breaks in the house you own. Renting a home places the burden of upkeep in the renter’s hands. A homeowner has many responsibilities owning a home.
Home ownership provides stablility. The home is yours. You invest the effort and you get the return for your investment. You feel a real sense of ownership when you own your own home. Your domain is truly your own. With renting, this feeling and security is at best a temporary fix, a band-aid on a temporary situation that, ultimately, you have no real control over. The rent can go up, then you have to pay it, or move out. You can also become evicted. As a renter, these decisions are no yours to make.
Topics: Investing |