Deciding Between Renting And Purchasing A House In Aruba
A place to call home remains a dream for anyone as they seek a place to shelter their families where they can spend their nights and also the weekends after work. When one is seeking for a home they can decide to buy a home, or they can decide to settle in a long term rental home, but there are several factors that influence their decision. Before deciding on whether to purchase or rent property in Aruba there is need to assess the advantages and disadvantages of any decision that one will make to ensure that one makes the best decision.
One advantage of renting instead of purchasing a house is the low amount that one pays monthly compared to the amounts that one would have to pay a mortgage. When one chooses to rent a home rather than purchase the home fully they are relieved from the cost of maintaining and repairing the home as the task lies entirely on the landlord. When one is compelled to relocate from one place to another they do not have to seek a buyer, and thus tenants usually have an easy time when they are relocating from one place to another. Renting, however, has some disadvantages as one is not allowed to make any changes to their houses as they have limited space and also they cannot upgrade or replace features in the house. When one rents a house they do not have their taxable income reduced as is the case homeowners who are excused due to mortgage interests while the charges that one pays may also rise since the value of the property also keeps increasing. In case of one needing repairs they may remain exposed to danger If the landlord is not prompt while one also needs to consider other tenants thus limiting one’s lifestyle.
Owning a home has its advantages such as the liberty to decorate the house and upgrade or replace features depending on one’s taste and preference. When one is paying for mortgages they pay reduced tax as interest that one pays as the mortgage is not taxed while the house can also be used when one is seeking for a loan as security which is a requirement for many financial institutions. There is some pride that comes with one owning a house where they see the value of their house increase with time. Some of the disadvantages that one can identify when they opt to buy a house is that they will have to pay maintenance and repair cost, the high mortgage rates and the tiresome process of seeking a buyer when one is seeking relocation.