Deciding Between Renting And Purchasing A House In Aruba
A place to call home remains a dream for anyone as they seek a place to shelter their families where they can spend their nights and also the weekends after work. When one is seeking for a home they can decide to buy a home, or they can decide to settle in a long term rental home, but there are several factors that influence their decision. For one to come up with the best decision when they are deciding between buying or renting real estate in Aruba there is need to assess the implication of any decision that one will make to ensure that one makes the best decision where to arrive at the best decision one needs to determine the advantages and the disadvantages.
One advantage of renting instead of purchasing a house is the low amount that one pays monthly compared to the amounts that one would have to pay a mortgage. When one chooses to rent a home rather than purchase the home fully they are relieved from the cost of maintaining and repairing the home as the task lies entirely on the landlord. In the case of one having to relocate to another place due to other factors they do not have to look for buyers to sell their homes thus making the relocation process an easier one. Renting, however, has some disadvantages as one is not allowed to make any changes to their houses as they have limited space and also they cannot upgrade or replace features in the house. One also does not enjoy reduced taxable income due to mortgage interest while the value of the property increases with time thus increasing the rental charges. In case of one needing repairs they may remain exposed to danger If the landlord is not prompt while one also needs to consider other tenants thus limiting one’s lifestyle.
Buying a home is beneficial to an individual in different ways as they can decorate the houses and upgrade different features depending on their taste. One also enjoys reduced tax rates as the interest that one pays for mortgage is not taxed while one can also use their property to get loans from financial institutions where they use them as security for the loan. One also enjoys the feeling of owning a home contrary to when one chooses to rent a house where they also see the value of their house increase with time. The only discouragements when one seeks to buy a house is the high mortgage rates, the repair and maintenance costs, and the stress that is associated with seeking a buyer when one wants to relocate to a different location.
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