For
many people in their twenties, renting a place is the most ideal
housing option. Only a few years out of college and just starting out
in their first jobs, twentysomethings find that renting an apartment
is a cheap and relatively commitment-free arrangement. However, as
they push toward 30, most of them will have moved up rank, have a
brilliant career ahead of them, and find themselves thinking about
getting married and starting a family. Before long, the prospect of
buying their own house becomes a reality.
Of
course, they might have qualms when looking at houses for sale.
Whenever the plumbing breaks down or the heater stops working, it’s
the landlord’s duty to have them repaired. Buying a house, however,
means that all maintenance will be shouldered by the owner.
Still,
there are distinct advantages of owning a home. For starters, you’re
free to do improvements on your property without having to ask
permission from your landlord. If you’ve always wanted to have a
garden, you can have one as well. Rents also typically rise over
time, meaning an apartment might not be as affordable as it once was.
In contrast, a home bought with a fixed-rate mortgage will have the
same payments scheme for the next two or three decades. Lastly, homes
are long-term investments which generally increase in value over the
years, something that can boost your credit ratings as well.
