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Real Talk: To Buy a House or To Lease?
19 Mar 2022
A house is a dwelling place for people who seeks protection and safety from the harsh weather and/or danger from the outside. It is a place where people who are connected to each other whether by bloodline called family or kindred gather to form a special bond.
It is one of our basic necessities and our comfort zone but owning one or even renting needs financial stability to the person living in a residential building.
A house can be made of wood, concrete, or even a hut whatever people living in this place may fancy. One can build a house in the suburbs or in the city but the question is, is it practical to buy one?
Owning a property is a gamble. We are still in the middle of the pandemic and predicament from other countries which made some of the commodities go up. It can be compared to gambling in one of the top-rated casinos in the USA but as they mention on CasinoVibez, let’s sit back, relax and let’s check whether it is more feasible owning a property or not.
Renting a home
Leasing a home means that you are staying in a property for a fee. The rental fee can be on a monthly basis, quarterly, or annual. Some landlords accept monthly payments in cash and some require post-dated checks. In the lease contract, it will indicate all the inclusions of the place including the garage and monthly dues collected in the community you are renting. Also indicated is the length of time a lessor is allowed to stay in the place before you will be presented with another contract before the year ends.
Facts about renting a home
- Repair Issues
House maintenance and/or leak issues including improvement and renovation will not be the problem of the lessor since you are just renting the property. However, if the lessee has been in the property for quite some time and the damage was caused on the lessee’s end then it will be accountable to the renter.
- Lessees just have to pay upfront and sign the contract then they can move in anytime. Some rules might be applied like no pets allowed, hence if you’re not comfortable with it, you have the freedom to look for another place to rent.
- Real Property Tax Issues
This is one of the major burdens of all lessors since this is mandatory for anyone who owns a property. Taxes may vary depending on your location and country and computation. Properties located in the suburbs are quite low in value therefore the RPT is low as well. If your property is in the city, then you have to expect to pay higher property tax.
The real property tax calculation also varies upon the value of the land and the amount of the house on which it is built. A renter doesn’t have to think about this.
- Relocation can be possible
If a lessee needs to relocate because of their work or they don’t like the environment (noisy issues, dangerous area, etc.) they can always do so. So after they consume their one-year contract, they can always move to another place.
- Rental increase
This is the catch lessor always has the power to increase the lease in the future.
The truth about owning a Property
Owning a property is a dream for all people because it is tangible and it will be a great heritage to your children. Aside from that, you can do anything with your property because it is yours. You can plant a lot of trees in your garden or raise chickens in your backyard as long as it doesn’t disturb the neighbors.
Things we need to consider in owning a property
- Real Property Tax (RPT) issues
- Monthly mortgage and Insurances
If you’re paying a mortgage in the bank, you will realize that you have been actually paying the property for 30 years home loan every month. Half of the 30 year home loan is the interest.
Edge of owning a property
The value of the land increase as time passes by. You might be surprised that some houses were bought only this much fifteen years ago but the owners sold it double the original price. Depending on the move of the real estate market, the land might have cost cheap fifteen years ago but the rapid development of the country aided in increasing the land’s market value. Having a property is a good investment also.
Owning land or renting has advantages and downsides. However, the choice to own one or to rent depends upon the financial capacity, work, and lifestyle of the person. It is best to check both before taking the plunge.
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