Deciding Between Renting And Purchasing 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. One needs to make a decision when they are seeking to settle in Aruba whether they will rent a house or they will acquire the property fully through purchasing it but the decision is influenced by various factors. 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 main benefit of renting a real estate rather than purchasing one is the lower cost that one pays compared to amount one would have paid in mortgage. 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. When one is compelled to relocate from one place to another they do not have to seek a buyer, and thus tenants usually have an easy time when they are relocating from one place to another. Renting, however, has some disadvantages as one is not allowed to make any changes to their houses as they have limited space and also they cannot upgrade or replace features in the house. When one rents a house they do not have their taxable income reduced as is the case homeowners who are excused due to mortgage interests while the charges that one pays may also rise since the value of the property also keeps increasing. One is also needed to be cautious with other tenants by maintaining quiet environment while in the case of breakage the repairs may take time thus exposing one to a dangerous living space.
Owning a home has its advantages such as the liberty to decorate the house and upgrade or replace features depending on one’s taste and preference. 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. A homeowner also feel the pride of owning property while they also watch as the value of their property increases. 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.