real estate

Reasons to Choose Owning or Renting a House

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Young couples who are about to tie the knot have a few things they wish to have. Some of them are the perfect wedding, financial stability, and a house they can call their own home. A perfect wedding is subject to the couple’s preference. It can be simple and inexpensive. Or a big wedding with a huge budget.

Financial stability requires savings, a regular income, and insurance. But having your own property can be very expensive. Some would cost millions of dollars. There are other factors to consider.

Like if a property is in the city or in the suburbs. There are also waterfront homes, condos, and flats. But just the thought of buying your own house can be intimidating. So the next best option is to rent a home.

The home rental has always been a popular option. But popular opinion says renting a home is a temporary thing. This is caused by different factors. You can lose your home in case you become incapable of paying monthly rent. And you do not have the power if the landlord decides to sell your rented property.

But as discussed these are all popular opinions. There are better than what people know about a home rental. Between purchasing a home or renting, money is always a factor. Home life gets easier when you have the budget.

This article will discuss good reasons to choose home purchase. And good reasons to rent a home. And ways we can save money on both options.

owning a house

1. Home Purchase

There are ways for you to buy your own home and spend less than expected. These are options that are open and helpful for young couples. This way you not only start your marriage right, but you also start strong by having your own property.

Here are ways to buy your own house the affordable way:

Short Sale:

This happens when a homeowner can no longer keep up with their payments. They meet with the bank to sell the house at an amount they can afford. Then the bank agrees to accept less money than is owed on the home. Purchasing a short-sale home can be a good option.

Good for young couples and potential buyers. Because they can buy a home for less than the market value. Banks may sell a short sale home for 5% to 10% less than the original price or its current appraisal. You can either buy it fully furnished or you can do minor renovations and put your own appliances.

With a budget of $300,000, you can get a 1500 square feet home. This may include 3 bedrooms and 2 baths with a large backyard. A good real estate agent may also provide assistance. Most of them have a list of short-sale properties.

Bank Foreclosure:

This often sells for very much less than the actual value of the property. The typical reason is when a bank takes ownership of a home, and want to get it sold. Not just at any given time, but get it sold as fast as possible. This may mean anyone can buy a bank foreclosure home at a very low price.

For only a budget of up to $110,000, you can buy a 1400 square foot home. This may include 3 bedrooms and 2 bathrooms. This may be in a city or even a waterfront home. Real estate agents may also help you find a bank foreclosure home.

Distressed property:

There are 2 kinds of distressed property. One, the property itself is distressed. This is a property that is so bad it needs a lot of fixing. Unfortunately, a major renovation can be very expensive. And the owner does not have the money for repairs. So the property owner is willing to sell it to anyone who can do major renovations.

Two, the homeowner is the one that is distressed. This could be caused by many personal and financial problems. So they are willing to sell the property at a discount.

A distressed property has no estimated price. This will depend on the reason for the distressed property. The way to find a distressed property is to personally know someone. A good round of negotiations may find you a great deal.

2. Home Rent

One common criticism about renting is “wasting away money every month”. But in reality, your money goes to your shelter. You spend your money to have a place to stay. A place you call your home.

The best advantage that renting offers is flexibility. Unlike being a homeowner, you can choose the next place to stay when your lease period ends. This also makes your budget very predictable. Because you pay a standard amount in the duration of your lease contract.

Buying or renting a property does not have to be expensive. There are many options and available ideas that can help. Yes, you need a good amount of budget. But you can also get assistance from reliable companies such as Supreme Lending – Allen, TX. This way you and your family can move into your dream home in no time.

And with smart planning and careful considerations, you can knock out a deal. You and your spouse can enjoy your young marriage and not spend too much. Your money can be used for other things to build your new family.

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