Making a Decision in Renting a Space

If you have graduated from college and you have plans in moving out from your home. There few options that you’ll need to weigh as a decision. Yes, living on your sounds very exciting it makes you want to buy your own small house or rent a space. Whether you have the money, it is important that you decide on which is better for your safety, comfort, and convenience. On the other hand, there are as well retirees that choose to sell their house and downsize thus wanting to be just as renters again.

At the time of the mid-20th century, most of the rate of home ownership has eventually fluctuated approximately about 60 to 70%. There are as well instances wherein there were factors that declined the demographic and economical such as the elevation of prices in buying a home and student debt loans which prevent the younger generation to save money for them to be able to buy a home in the future.

Regardless of the socioeconomic issues, this affects the rate of home ownership and the determination as to when you’re going to buy a home or rent a space at the moment. So, this means that it requires you to truly think about pursuing in having your dream house first by saving money while you are renting. To give help you decide, here are the following Pros and Cons whether you’ll be renting.

Pros

1. No maintenance responsibility – since you are renting, you do not have to think about being responsible in a home that is not yours because you are only renting. You do not have to worry about repair and maintenance costs if there are any utility damaged.

2. An easy relocation – while you are just renting, you don’t to worry about relocating your things since all you’ll need to bring with you are clothes and other important items that you own.

3. No exposure and response to a real estate market – at some point, the value of the home fluctuates due to the changing economic issues.

4. Credits scores are less likely restricted – the good thing with renting is that you don’t have to worry about your credit requirements being approved or not as long as you do not have any records of a checkered bankruptcy.

5. Only a few utilities are included – some landlords would require you to pay utilities at a certain amount of money depending on the size of the rental space.

Cons

1. Can’t build an equity-
2. Less federal tax benefits-
3. Renters have limited or less control over any on-going housing costs
4. Renters will only have less security housing.

Conclusion

It is important that you know what suits you best, whether you prefer to rent first before having your own house or vice versa. What matters most is that you understood the benefits of being a renter and have an open mind for possibilities.