LONDON – One of the most debated questions in every person’s life, especially in more recent times, has been wheter or not they should buy a home or just rent one. There are camps arguing the cause of easch solution, but many agree that renting is a far better solution than buying. The reasons for this are multiple and it turns out that becoming a tennant can have some serious beneficial impact on one’s financial situation. Many want to know what are some of the things that make renting a lot better, especially considering all the conditions that can be obtained today within a renting situation. Here is why it might be better to check out the kind of housing solutions in West Village UC Davis has instead of just buying an apartment and making a huge investment:
Utility and their price
When you own a home of your own, the utilities can sum up to a very big amount which can be a huge burden pay as a regular fee with your current income and financial situation. The same thing can’t be said about choosing UC Davis housing for example instead of a straight forward purchase. When renting, the costs can be a lot lower, allowing tenants to focus their financial efforts in other areas where they are more needed.
No rent surprises
When you pay rent, there is a fixed amount that you pay each month. This can change over time but the landlord will give you a notice and plenty of time to prepare for the change. The bottom line is that it is an amount you can prepare for in advance. And more importantly, prepare your budget. It is very important to know exactly what your expenses are and renting plays a big role in that respect. When owning a home, there is the concern of real estate taxes and other fluxuating taxes that don’t remain the same. This can completely mess up a budget and create serious financial issues for people.
Both scenarios, buying and renting, come with a downpayment. However, in the case of renting, it is infinitely smaller and more affordable. On purchasing an appartment, that downpayment can amount to a very large portion of the actual payment on the appartment. There are a lot of people that would barely afford the purchase but can’t afford the downpayment so the deal fall through. This is why renting can be a lot more beneficial than straight up buying.
These are just some of the reasons why it could be better to rent instead of purchasing. There are of course others but these manage to get the point across nicely as they demonstrate how purchasing an appartment not only costs more, but also implies additional costly taxes and commitments.