When it comes to a luxury villa or a vacation home, the most difficult question to answer is: should you rent or buy? Most articles will give you tips, but we want to give you a low down about home ownership in the USA.
Fact: When you own a home, you will need to maintain it. Maintenance costs can be higher than a thousand dollars in a certain year. On the other hand, rental homes are maintained by their owners or a real estate agency. If you are just looking for a vacation home, then it is best to rent.
Fact: Local government is always raising property taxes, and if you are living in rental houses, you don’t have to pay these.
Fact: If you are a homeowner, you will need to have a homeowner’s insurance � you know, just in case there’s a fire or if a burglary happens, then your home is secure. If you are renting a condominium or a duplex, then you can be sure that your home is secured without additional costs since the homeowner will have to pay for the insurance.
Fact: You have to put in a lot of labor in your home, or you will need to pay for someone to do it. you need to repaint the house every four to eight years � that’s a minimum of $25 per gallon of good paint. If you are living in a luxury villa, then your costs will be so much higher. But if you’re renting it, then all you have to do is call the owner and let them do it for you.
Fact: Modern windows have a 20 year lifespan. Water heaters last up to 6 to 10 years. Furnaces need to be replaced every 10 to 25 years. Asphalt shingles lasts up to 15 to 25 years. If you have no plans on moving, then you should save up for all these replacements. If you were renting a single-family home, then you don’t need to worry since the owner will handle all these costs.
Fact: If you own a home, then you’re responsible for the sidewalk, the curb and the gutter in front of your home. You need to pay to put it in and pay again to get it replaced.
Fact: You are responsible for the trees which are in your property. You need to trim them so that they don’t reach the power lines, you need to keep the branches out of the streets and out of the sidewalk. You need to get the leaves cleaned up. If you were a renter, you don’t have to do all these � you save not only money, but your time as well.
Fact: When you own a house, you’ll never know how much you’ll have to spend in a month since you might need emergency repairs such as a leak in the toilet pipes, or when your appliances break down. If you lived in rental homes, then you only need to pay for your monthly dues.
Now, why own a home if renting one is so much easier?