Advantages of owning & renting a home:

There are times you can think that owning a house is better than renting and sometimes you can think that renting is better than ownership!

Let’s talk about the advantages and disadvantages of owning a house.

There are the latest studies that show the benefits and risks of having your own property.

 Advantages of owning & renting a home:

1) More Stable Housing Costs

Renting costs can be changeable every year so it can be escalated while the loans can remain stable most of the time so if taxes increase then renting will increase and vice versa.

The stable costs can be essential if inflation occurs in which who rents may lose their money while who owns saves more money, so the renters can take a risk if there are changes in the country’s economy.

2) Taxes

If you owned a house so you will not be affected by taxes especially if it had been increased while if you rented a house so taxes will affect you.

3) Fairness

When you own a home so if you want to pay it then you may have double its cost depending on the rising of prices every year so your money will get back to your pocket besides your profit then you can save more cash.

4) It is your own property!

If you owned a home so you can control it and control everything around you because renting means that you and your property is owned by the owner.

You are free to do anything in your property as you want while no one can interfere with your personal space because you own it!

Owning a home is an essential action that can change your life completely and your responsibilities will be increased clearly,

but there are disadvantages to owning a home:

1) More costs

Your monthly costs may escalate, because if you are an owner so you will pay taxes, services and all repairs of the property.

2) Flexibility reduction

You are as an owner you don’t have the freedom as being a renter in which you can give a note to the owner that you want to leave anytime and all responsibilities will not be held on you as an owner.

Also selling your owned property will consume a lot of time.

3) Risk of Depreciation

In some areas with overinflated prices, there may be a risk that the house will depreciate instead of an increase in value if the prices go down. If you then sell the house, you may not get enough money from the home to pay back your mortgage, and you will still owe the mortgage company money.

If you have an owned property so when you think about selling it so you will stay paying your loan profits which it may become more than what you paid in the first time and if you didn’t sell it so you will not have enough money to pay for your loan profits and for you’re the seller and you may lose your property if you don’t have enough cash to pay your installment.

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