On Renting and Buying a Home
Younger generations who now belong to the salaried percentage of the population are now planning to form their family and spend their money on buying their own homes. For this reason, the real estate industry will surely find a lot of buyers, especially, from the millennial groups of people who are now in the best positions to own their houses. Yet, the millennial generation, as compared to their predecessors are often beset with the dilemma of whether to buy their own home or simply rent. In fact, a large group of the new generations believe that it is sometimes more advantageous to rent a home instead of buying a home.
There are thousands of houses, for example, in New Jersey that are up for renting and buying. Likewise, you will find various quality homes for sale in calvert county md and many homes for rent in that place, and given the choice between renting and owning a home in these places, many would prefer the rentals than the new ones. There are indeed some good reasons that would readily bolster the idea that renting is far more economical that owning a home. Most renters would say that they were able to save more than those who are tied up to paying mortgage loans for several decades. Although I would not go down to the details of calculation as to which is more economical between renting and buying, my commonsense tells me that indeed renting is more economical and would allow me to save more.
Just imagine for example the dollars that I would pay for the annual interest of my mortgage loan, and if I sum them up, I would readily see that, in the long run, I would be spending more if I buy a home than if I rent a home.
Likewise, if I add up the expenses that I would pay for the maintenance and renovations of some sagging and dilapidated parts of my house, the amount would be further padded. While if I rent, I will only be paying the annual or monthly rent and would not worry about the maintenance of the house and even the payment of realty taxes.
Likewise, if the intangibles would be added, say for instance, the fear of losing my job and reneging or defaulting in the payment of my monthly amortization, then the disadvantages in buying a home is surely plenty as compared to the odds I would face if I am only renting a home. Additionally, the fear of foreclosure, in case I renege in my payment, is like a debilitating feeling that could fray unconsciously on my mental and physical health. Moreover, I have already seen the tremendous impact of this gnawing fear on many people who had faced the prospects of foreclosure. If I rent, however, I would definitely not experience the debilitating and gnawing fear of the prospect of foreclosure. All I need to think about is how I can pay the annual or monthly rent of the house, and if I am faithful in the payment of my rent, I would certainly have nothing to worry at all on a daily and annual basis.