Rent Or Buy A Property?
The main question is; which of the two is above the other in terms of convenience
? Too many, there is only one answer to this question. Buying is the best alternative between the two. However, renting has its own advantages. The main advantage of renting property is the fact that you are normally free of any kind of responsibility and especially when it comes to maintenance. This is the main advantage associated with renting of property. However, the disadvantages are quite plenty.To start with, renting is obviously more expensive than buying the same property. With renting, one is forced to pay a certain amount of rent on a monthly basis. At the end of it all, you will have paid more than what you would have paid by buying the property and still wont have complete possession of the property. On the other hand, with renting one can not enjoy all the tax benefits and neither can he or she prevent themselves from rent increases. The landlord has 90% say. In addition to that, one can not even build equity with rented property. Even the simplest of changes to the property will be a complete headache; one can not even keep pets in some rental properties or sometimes you will not be allowed to decorate the property. If you did want to make changes to the property you would have to ask permission of the landlord before making any changes.
In the case of buying a property, the number of pros is more than the cons. To start with, one is free to do whatever he or she pleases with the property. You are the owner and can therefore do whatever changes you deem necessary without facing any opposition (unless you plan to extend the building then he or she will require planning permission) On the other hand, you tend to build equity by owning the property. There is also a lot of security and stability related to owning your own property. The flipside of it all is the responsibility that comes with owning property. All the mortgages, maintenance costs and risks are all upon you.
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