The Realty Company, Ltd. 1042 Fort Street Mall Suite 300 Honolulu, Hawaii 96813. Sales Line: 808.566.6551. Property Management Line: 808.550.8827

Which is Better, Buying or Renting a House?

 

 

 

 

 

 

What can benefit me more, buying a house, or renting an apartment/condominium unit?

This question is being asked over and over again. Whether you are a young couple just starting out your family life, or simply someone who transferred to a new place, this question seems to be the hardest one to answer. To help you get settled with this issue and to determine which is really better, let us explore these points:

Size and Accesibility

Also, when you are choosing a place where to settle, be sure that it is located as near as possible to basic service institutions like hospitals and schools. If you saw an apartment that is near the commercial complex, a good school for the kids, and the local hospital, you might want to stay there. This is better if the other choice that you have is a house in the suburbs that will take you at least forty five minutes to drive to the cosmopolitan.

Another thing to consider is the size. Of course, the size of the house that you can buy will depend on your current financial capabilities. For an instance, if your family is composed of five members, and you saw this house that is available for low monthly rates but is not appropriate to the size of your family, you might want to settle first in an apartment that has the same price but is spacious enough for the entire family. You do not have to sacrifice your comfort and living spaces just for the sake of owning a house. If your current budget won’t permit you to buy one now, you can always wait until you are financially ready to do so. On the other hand, if you can afford to buy a house that can provide enough space for your family, then there is nothing to worry about.

Necessity

This is the most important consideration that you have to think about. Do you really need to buy a house? Or you can wait for some years and stay in an apartment in the meanwhile. For this, you need to assess yourself. Evaluate your economic status and see if your current income will allow you to start paying for a house. The stability of your job needs to be secured too, since most house payment schemes are on installment plans. You can seek the help of a professional finance adviser to make sure that your trends are correct and accurate. If he thinks, you’re ready to purchase your very own crib, then go for it, but if the analyst thinks otherwise, then you might have to wait for some more years.

Practicality

Last but not the least, you have to know the most practical move for you. Every money that you have right now is a result of your hard work and efforts so it is important that you put it into something that you can really hold on to. A house can be considered an asset, you can sell it if you need emergency cash for serious situations. It can be a good investment since houses will never be out of the real estate market.

On the other hand, if you think that renting an apartment is more practical for you, then you can start the search for the perfect unit. Renting an apartment can help you save up for other big considerations in your life such as the kid’s education, health, everyday expenses and your own retirement savings.

In the end, it will be you who will decide what’s best for your family. Do not hesitate to seek help from a professional if you need one. Which is better, buying or renting? Perhaps the most accurate answer can be it depends on you and your situation.

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