Deciding Between Renting And Purchasing A House In Aruba
Nobody does not have a dream to have a place where they can call home where one goes to relax after a busy day or where one can spend some time during the weekend with their children or the family as whole. 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. On the other hand one may not enjoy living on rent space as they are restricted to the changes and upgrade that they can make on the house where most landlords do not allow replacement or upgrade of specific features. When one is a tenant they do not enjoy reduced tax rates as they do not pay mortgage interest while rental charges increase with the time as the value of the property also keeps increasing. One is also needed to be cautious with other tenants by maintaining quiet environment while in the case of breakage the repairs may take time thus exposing one to a dangerous living space.
Buying a home is beneficial to an individual in different ways as they can decorate the houses and upgrade different features depending on their taste. 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. One also enjoys the feeling of owning a home contrary to when one chooses to rent a house where they also see the value of their house increase with time. The only factor that discourages most people from buying homes is the high mortgage rates, responsibility for the repairs and maintenance and the stressing experience when one is relocating as they have to seek for a buyer.