Deciding Between Renting And Purchasing A House In Aruba
It is a dream for every individual to have a place to call home where they can relax during the nights after work or where they can spend their weekends with their families. 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. There are times when one has to relocate from one place to another, and when one owns a home they have to seek for a buyer to purchase their property, but for tenants the process of relocating from one area to another is a simple one. Despite the many advantages that one enjoy when they are living in a rented house, they may not enjoy living in the house as they are not allowed to modify the house to meet their taste. 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.
When one owns a home they enjoy many benefits such as the freedom of modifying a house and upgrading its features depending on one’s taste. One also enjoys reduced tax rates as the interest that one pays for mortgage is not taxed while one can also use their property to get loans from financial institutions where they use them as security for the loan. A homeowner also feel the pride of owning property while they also watch as the value of their property increases. 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.