In the modern world, and especially in megalopolises, many people are forced to rent apartments or houses, because not everyone can afford to buy their own home. However, some people choose to rent for more than this reason.
Advantages and Disadvantages of Buying Your Own Home
Pros of owning your own living space:
- This will be YOUR apartment or house. In this case, you will be the owner, and you will not have to pay extra for the rent. Only you are the owner of this premises and no one else can claim it.
- In your home, you can make repairs to your liking and, if necessary, redevelopment. You furnish your home to your taste and have the right to choose an interior design. There is no need to ask someone for permission.
- You will be able to safely buy new items and select them for your interior, and you will not have to think about how to transport them from rented accommodation in the future. In particular, large-scale equipment can now be safely purchased.
- You can have pets in your own home, freely invite guests and loved ones. All of this does not require third-party permission.
- If necessary, your premises can be rented out. With proper management of the apartment, it will be able to bring a good monthly or daily income.
As elsewhere, there are also disadvantages here:
- Apartments and even more so houses are very expensive in terms of cost, especially in megacities. Even if you decide to buy a property with a mortgage, you will need a down payment.
- There is a risk of making a mistake with the choice of purchase. At first glance, the room may seem quite suitable for living, however, in the process of repair or arrangement, flaws may come to light (for example, bad pipes or wiring, cracks in the walls, etc.).
- When registering a mortgage, the bank sets high interest on the overpayment, and the loan term itself can stretch for 10-30 years.
- Some buy housing at the construction site, because it is cheaper. However, there is a risk that the developer will go bankrupt and not complete the object, or hand it over in poor quality.
In a newly purchased apartment, you always need to make repairs, and this is an additional expense.
Advantages and Disadvantages of Renting a Home
Advantages of renting:
- The choice of housing on the rental market is great, you can pick up an object in any area of the city and at an affordable price. Also, many rent apartments with furniture, appliances and utensils, so there is no need to spend money and buy your own things.
- If you are tired of living in the same apartment, you do not want to meet with your neighbors anymore, you are tired of the interior of the room or circumstances have changed, changing the environment is always easy. On classified sites, you can easily choose a new home. Moving out of your apartment is always more difficult and expensive.
- You don’t need to invest in a rented apartment. Rental prices are high, but they are lower and more affordable than a down payment on a mortgage. The funds remaining after paying the rent can always be spent on your own needs or placed on a deposit in a bank at interest.
- If the rented apartment is fully furnished, then the tenant saves money and time for home improvement and the purchase of equipment.
Renting an apartment has its own significant disadvantages:
- Many owners ask for a deposit when concluding a contract. As a rule, this is payment for one to two months of residence. The tenant needs it to protect himself, if you damage the property, then you have the right not to return the deposit.
- The rent is constantly increasing, as are all prices on the market. But you can competently draw up a contract and the owner will not have the right to raise prices whenever he pleases.
- Mainly residents pay utility bills. The prices for communal apartments are also growing, especially in winter they are high.
- In the event of financial difficulties or loss of a job, not all landlords are ready to postpone the payment date, some will ask to vacate the premises.
- Some people need to have their own homes to be confident in the future and to feel safe. But everyone has their own opinion.