Is Buying A House Worth It?
Most people in the US believe that renting a house is a waste of money; however, home ownership is not always the best decision. There are plenty of reasons why home ownership before your 30th birthday can be costly, and we will share them with you.
Shopping For Something Out Of Budget
The art of shopping for an item out-of-budget lies in the depths of decision making. If you know what questions to ask yourself, you will know whether your purchase will be worth it or not.
1. It's Affordable
When somebody tells you that buying a home is cheaper than renting a house, there aren’t telling you the full story. Sure, the mortgage cost is less than your monthly rent, but owning a house accompanies other expenses as well. These costs include:
· Home insurance
· Cost of furniture
· Closing cost
· Property tax
Some of these costs can mount up to thousands of dollars. While renting, all of the expenses you have to pay are laid down in your lease.
2. It's Flexible
If you have a job that requires you to move to different locations, renting is obviously the best choice. Why? Because you won't be trapped in a lease for a year or two. Renting a house gives you the freedom to cancel your lease with a slight penalty and move to a different location. However, if you own a house, moving can be challenging. You will have to find areal estate agent to list your property, and then you will go through the process of inspection, appraisal, and negotiation. Sure, you might make a few dollars on the sale, but it's not necessary that your property will always yield profit.
3. Access To Amenities
One of the most overlooked aspects of renting is access to amenities. If you are renting an apartment, you will have access to a gym, pool, community area, clubs, and much more. On the other hand, owning a home means you have to pay for these things on top of your mortgage.
When Should You Buy A House?
While renting a house has its perks, you will have to own your property at one point. Owning a property should be a step to consider when you are getting married. This way, you can share the mortgage and other expenses with your partner, and if you pass away, you will need to leave an estate for your children. However, if you are a bachelor, you don't have to listen to people who say renting a house is a waste of money.