To Own or Not To Own?

If you have the necessary income to buy, build or to rent a house and apartment which would you choose? It’s quite a hard choice, and once the choice is made a myriad more of choices open up!

In choosing to own, you may want either a new or used home or an apartment in the city. If you choose a new home, the development home might be bought or you may choose a home built to order. Or perhaps a two or three-storey home may be what you want.

If the decision is to rent, these are the following possibilities: a low density garden apartment, a high rise condominium in the city, a duplex unit, a house, or an apartment in a government owned housing project.

Although some decisions made to rent are due to income, work, lifestyle, and capital required to own a house, the reason’s favoring ownership are much more numerous with the following advantages or disadvantages such as:

1. Home ownership is a good investment - although some brokers are pushing buyers to believe the investment opportunity of owning a home, it really depends on the location, and the date of purchase and sale of the property.

2. Home ownership inspires good citizenship - this is quite true since a homeowner has a greater stake incommunity building. However, there are also some who make for nasty neighbors.

3. Home ownership is an incentive to save - this is true as the mortgage payments require you to really save on money. However, if the home is sold at a loss the savings are negated.

4. Home ownership affords the children a good place to live while they are growing up - this advantage alone is one of the many reasons young couples save up for owning a home.

5. Home ownership increases credit status - not really true because apartment dwellers renting a place can command an equal or sometimes greater credit standing.

6. Home ownership permits the family to keep the profits the lessor would acquire - another reason many start owning a home because of the profits saved when you own your place.

7. Home ownership offers satisfaction that comes in no other way - owning your own home gives a sense of security and belonging that is not available to the renter.

For the undecided however, the obvious solution is temporary rental. You can rent on a one year term, a rent for six months, or even a month to month basis.