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.
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 is a tenant they also do not need to pay for maintenance and repairs as the responsibility lies on the landlord who has to ensure the home stays in top condition. 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. 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. If one is paying mortgages the mortgage interest is not taxed thus one enjoys some relief while they can also offer their house as security when they are borrowing loans from financial institutions. One also enjoys the feeling of owning a home contrary to when one chooses to rent a house where they also 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.