It’s a lifestyle choice, deciding whether to buy a home or become a renter. They both have their positive and negative aspects and today Bunbury Real Estate offer up some information that may help you decided which side of this line you fall.
Now this doesn’t mean that once you make that decision you can’t jump to the other side at some time in the future. Our circumstances and situation can change and we must be adaptable.
Are You An Owner?
It’s a fact that if you own a home you have made an investment in your future that will pay big dividends. Property increases in value year in and year out; that’s a fact that no one can deny.
Whether you are a single home owner or investor you can sit back and relax, knowing that your own little kingdom will support you and protect you and your family for many years to come. This needs to be weighed against the responsibilities of owning said property. This will include:-
- Mortgage payments
- Insurance payments
- Rates payments
- Maintenance of property and its grounds.
If you want to go even further, as a property owner you are entitled to do what you wish with the property.
You can add improvements such as a shed, patio, or deck, cubby house for the children, swimming pool and fencing. You can even go so far as to do extensions to the property to make your home life more comfortable. You can also put a nail in the wall to hang a picture.
Are You A Renter?
When you are a tenant you never actually own the asset but there are really only three responsibilities you need to take seriously. They are:-
- Paying the rent on time
- Keeping the property neat, clean and tidy
- Paying contents Insurance for your own possessions.
You cannot add improvements, which means that you take what you rent and make do with this. The upside to this is you don’t invest any more of your time and money into the property apart from keeping it clean and mowing the lawn.
If you have any problems at all such as electrical, plumbing, leaking roof or guttering, you can relax knowing that this will be taken care of by your landlord.
When you rent you can move more easily from spot to spot, which may be advantageous if you are likely to transfer or even if you simply don’t like the area.