Renting vs. Buying a House

A house is where you feel comfort and security. It is best to live in a house where you enjoy living together with your loved ones.

Would you prefer to rent a house for the rest of your life or buy a house of your own? There are advantages and disadvantages of renting and buying a house. Below, I have listed some of it.

Ownership

Renting a house only gives you limited rights to the property. You are not allowed to change anything when not permitted by the owner/s. Buying the house of your own gives you full rights to change the exterior and interior of the house. You can even have your flower garden if the house you bought has space. Isn’t it a good feeling if you can freely do whatever you want with your home since you own it?

Maintenance

You’re not obligated to shoulder the cost for any repairs and materials for renovations, except when you are the reason why a repair is needed when you rent a house. For those who rent they can request the homeowners to fix things like when the walls need to be repainted. While, if you are a homeowner you have the responsibility to fix any damages in your house. The maintenance expenses are all charged to you, one of your responsibilities as a house owner. 

Monthly Payment

You have to see to it that you pay on time for you not to be given a warning by the homeowners if you are renting. Failing to pay your rent might be the reason for you to be evicted. No one would want that right? When you rent, you also have to pay bills for electricity and water. For other rental houses, the payment of water and electricity bills are included in the rent while some are separated. 

Buying a house, you are expected to pay for monthly bills for electricity and water. You have to see to it that you pay on time, if not expect it to be cut.

Relocation

It’s more likely for you to easily transfer to a new location if you are just renting. This is common when the field of your work is you need to transfer from one place to another place. While if you have your own house, you obviously cannot transfer your house, right? The choice you have is to rent for a place to stay for the meantime.

Rules and Regulation

It is normal for a house to have it’s own rules and regulations to make the house peaceful. When renting a house aside from the rules and regulations you set for you and your companion in the house you also have to abide for the homeowner’s own rules and regulations even if you like it or not. When you buy a house, you have the right to decide what your house rules and regulations are. With this, you will be able to set rules and regulations that are both convenient for your part and to your companions in the house. 

Having known both of the advantages of renting and buying a house, it can help you decide on what you should do next. The most important thing is that you are comfortable in the place you are staying in. The decision is yours if you are going to rent or buy a house. 

When deciding to buy a house, our team at North Luzon Properties will gladly help you find the perfect house you are looking for. 

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