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Are you wondering whether you should buy or rent a real estate? Both buying and renting come with pros and cons of their own. Read ahead to decide if you would like to buy or rent instead:
Merits and Demerits of Buying
The greatest benefit of buying a property is that once you finish paying the mortgage, it will become completely yours. As a real estate owner, you will be able to make modifications to your property, which include landscaping, renovations, appliance installations etc. You will also be allowed to rent out the property or sell it if required. The detriments of buying, on the other hand is that the owner of a real estate remains financially accountable for all the minute details of his or her property. The owners need to bear the expenditures for paint, flooring, garbage pickup, plumbing etc. Moreover, they will also need to pay taxes against their properties.
Merits and Demerits of Renting
The most notable advantage of renting is that, in majority of the cases, you will be able to come out of the contract or get into it whenever you want. The usual span covered by property lease contracts range between 1 and 5 years. This allows the renters to shift to another place once the contract ends and thus they don’t require going through the hassles of selling off the property. Renters also generally don’t need to bear the expenses of maintaining the rental property. The primary disadvantage of renting is that the long term expense we need to bear as rents often turns out to be much higher compared to the amount required for buying a property.