Reasons Renting Is Better Than Buying

In North America many people own their own homes. Many citizens have dreamt of home ownership. They work hard and strive for getting their own home. Owning own home can be difficult and expensive. Everyone cannot afford it. So, for the people building a home or buying a home is not an easy thing. Renting a home from someone else is a best option for the people who cannot buy homes.

While both renting and buying homes have their own sets of financial benefits. Renting homes do appear to have an edge when the economy is poor. Renting a home is also beneficial just like buying a home. Some of the tremendous financial benefits to renting a home are here in this article. To know all the benefits, you can get from renting a home, read out the full article.

Have a look on financial benefits:

No Maintenance Costs or Repair Bills You Have to Pay

Most common advantage renters have over homeowners is that they have to pay no maintenance costs or repair bills. When you rent a property, your homeowner is responsible for all maintenance costs and repair bills. If any problem occurred in your home like roof leakage, electricity issue or any drainage issue, you do not have to pay. Because this is the landlord’s responsibility as per contract. You are free from any financial responsibility.

Access to all Facilities

The facilities you need in your home can demand a huge amount, if you buy your own home. But in case of renting a home, you have access to all the facilities a person wants in his home. You will already have all luxuries in your home like pool, ground, exquisite landscape. You can cut down your huge amount of expense because every luxury or facility you need is already available. You can save your dollars because the facilities are already there.

You are not Liable to Pay Real Estate Taxes

When you buy your home, you will have to pay real estate tax. But if you rent a home, you will not have to pay real estate tax. This is a better benefit you will have as renter over a buyer of a home. Real estate taxes are hefty burden a home buyer will have to face. But, you are free from any tax if you rent a home.

Not to Pay a Huge Amount as Down Payment

Another point where renters have a plus over buyers is to pay less amount of down payment. When you buy a home, you will have to pay a huge amount as a down payment which is ideally 22%.  However, you do not have to pay a sizeable amount when you rent out a home. The down payment for renting a home is minimum as compared to buying a home. You will have to pay 3-5% as a down payment if you rent out a home.

Decreasing Value of Your Property

The other benefit, you will have if your rent a home is the value of property will not bother you. The market fluctuates and price of the home goes up or down. Home owners will have to face each and every situation. They will have to bear loss also. But you are free from this tension. You have no concern with the down prices, if you are a renter. This depression zone is for homeowners.

Fixed Amount of Rent

If you rent out a home, the rent is fixed. When you sign the lease agreement, the rent amount will be fixed and mentioned in it. If landlords want to increase the rent amount, they will have to send legal notice and also it has mentioned in the first agreement you have signed.

10 Essential Questions to Ask a Home Seller

When you are buying a home, you are taking a biggest decision of your life. This is the largest investment, you are ever going to make. You have spent a lot of your energy and time, in finding the perfect home for you. But, to avoid any bad decision you will have to ask some question to a seller before making a deal.

Here is the list of the questions, you will have to ask a seller before buying:

1. Why are you selling your home?

There are many reasons people sell their home. Some people sell their home because they want to earn profit, some people sell because of job relocation, some because of retirement, some people want to move to some other location etc. However, it is not necessary to get a reliable answer from a seller. But, it is your duty to ask a seller. It is highly possible; the seller will accept the lower offer depending upon the reason.  

2. How long is the house, staying on the market?

The next question, you will have to ask a seller is how long the house has stayed on the market. One of the major reasons, a house has ended up staying on the market for a long time is that it was priced too high.  It is hard to sell a house, which stays on the market for a long time. If you like that house, you can negotiate and make a deal after inspecting the house.

3. How much you paid for the home?

You can ask a seller, how much he paid for this house and when did he buy this house. The answer will be helpful for you to know, how much market has gone up or down. It will also helpful for you to determine, how much you can negotiate the price. It is highly possible that the seller will lie you or he will not give you the answer. But, you can check the records that available at the register of deeds.

4. What other things are included in the sale?

The things that are permanently attached to the house like faucets, cabinets, closets, window blinds or sinks are considered as fixtures, which are always included in the sale. Sometimes you see some play equipment, lighting fixtures, home appliances or sound systems which are usually not included in the sale. So, you should ask your seller, whether these things are included in the sale or not. Clarify your all doubts at the time of the deal.

5. Ask your seller about neighborhood problems?

This is a very important question you should ask a seller. Neighborhood problems can affect you most. So, ask about traffic congestion, neighborhood nuisances, street crime, or any other detail regarding neighbors. So, you will be able to take a good decision.

6. Ask about the problems with the house?

When you visit the house, it is your first responsibility to check out the house and observe keenly all the problems. You will have to inspect the condition of the house. But, you should ask a seller about the problems with the house and the condition of the house. If the seller lies to you give up the house and go for the other one.

7. Ask about the past problems the house had?

It is possible that the seller will tell you the current problem of the house, but he will never tell you about the past problems. You will have to ask seller, have you ever had a problem with your house in the past. If you ignore this question, it might lead you to another problem in the future. You must know the answer of this question.

8. How old your house is?

Another important question will be the age of the house. You should ask the seller how old your house is. If it has made for the past 10 years, then, the age of the house will be 50 years. So, it is important to know the age of the house.

9. Has your home had any repairs or renovations?

Do ask about the past renovations and repairs. Ask who did this. Because bad renovation or repair lower down the condition of the house. You should ask whether the contractor was licensed or not.

10. What do I enjoy most, if I busy your home?

Ask this last question to a seller. To answer this question, the seller will talk all about the house and you will get to know all about the house. You can ask any other question, which you have in mind before buying a house.