Renting Vs. Buying a House- How to decide

Every individual`s lifelong goal is to achieve homeownership. While majority of the people in North America own homes today, there are a significant number of people who rent New Orleans apt rentals. There are tremendous advantages of renting apartments as opposed to purchasing a house of your own. Read on to know these benefits.

No Repair Bills or Maintenance Costs

The obvious benefit renters have over the homeowners is that they do not have to pay repair bills or maintenance costs. The landlord is responsible for paying bills that arise in his home such a leaking roof. Homeowners also have the financial responsibility of paying for renovation costs and maintenance costs of their homes. Depending on the kind of fault, the repair costs can be quite extensive.

Access to Amenities

Another significant advantage of renting is having the joy of accessing amenities that cost an enormous expense. Luxuries such as fitness centers and gymnasiums or in-ground pools come standard at majority of the upscale and middle scale apartments complexes with no additional costs to the renters. Nevertheless, if a homeowner intends to have these luxuries and amenities, they should expect to pay thousands of dollars in maintenance and installation costs.

No real estate taxes

Another obvious benefit that homeowners have over the homeowners is that they are not required to pay real estate taxes. Real estate taxes prove a hefty burden for homeowners and vary from one state to another. Although tax calculations on property can be complex, they are determined based on the estimates driven from the value of your house. Homeowners with large properties are therefore required to pay an ineligible amount of tax.

No Big Deposit Required

Renters have a better financial deal when moving in compared to homeowners who are required to pay a sizable down payment especially when buying a house with a mortgage. While the exact amount of money you need to rent a New Orleans, apt rental varies from case to case, it is notably less than what you are expected to pay when buying a house.

Decreasing Property Value

Property prices fluctuates from time to time and apartments and houses are no exceptions. While these fluctuations may affect owners in a big way, it may affect renters substantially less if at all. In this rocky housing market, renters are not adversely affected.

Flexibility to Downsize

In the current economy, majority of the people are striving to make ends meet. By renting New Orleans apt rentals, they have the option to downgrade in an affordable living space at the end of their lease period. When you are a homeowner you might find it difficult to break free of the costly house because of the taxes and fees involved.

Flexibility

When you rent an apartment, you can relocate to a new place with ease and the process is less time-consuming, easier and less costly. This is indeed the best option for people who have steady jobs that may require them to relocate from time to time. Though sudden relocation may require you to break your lease, you can partially offset the cost by negotiating with your landlord or subletting the apartment. By contrast if you own a home and get a job at a different location, you may be required to sell your house so that you can buy another at your new place. Selling your house quickly may force you to accept lower prices and make a loss on your investment.

It is therefore safe to say that;New Orleans apt rentals are the better option when faced with the dilemma of having to choose between buying a house and renting one.

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