Tips On Whether To Purchase Or Rent A House In Aruba
A place to call home remains a dream for anyone as they seek a place to shelter their families where they can spend their nights and also the weekends after work. 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.
The cost of paying monthly rent is cheaper than when one has to pay for mortgages if they decide to purchase a real estate. The cost of maintaining the home also lies entirely on the property owner thus reducing the expenses that one incurs while settling in a home. In the case of one having to relocate to another place due to other factors they do not have to look for buyers to sell their homes thus making the relocation process an easier one. On the other hand one may not enjoy living on rent space as they are restricted to the changes and upgrade that they can make on the house where most landlords do not allow replacement or upgrade of specific features. 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. In case of one needing repairs they may remain exposed to danger If the landlord is not prompt while one also needs to consider other tenants thus limiting one’s lifestyle.
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. When one is paying for mortgages they pay reduced tax as interest that one pays as the mortgage is not taxed while the house can also be used when one is seeking for a loan as security which is a requirement for many financial institutions. There is some pride that comes with one owning a house where they see the value of their house increase with time. Some of the disadvantages that one can identify when they opt to buy a house is that they will have to pay maintenance and repair cost, the high mortgage rates and the tiresome process of seeking a buyer when one is seeking relocation.