(10) Recurring Cost Of A House
It is one of the most important factors to decide on renting or buying a home. Recurring cost refers to those expenses that every homeowner will have to pay. It can be either monthly or yearly for being an owner of the house.
Some of the recurring cost of owning a house includes community living fees, property taxes, homeowner’s insurance, monthly utility bills, as well as maintenance & renovation cost.
If you think that excessive recurring cost are associated in your locality then it might be better option to live in a rented house rather then owning a house.
(11) Home Resale Valuations
It is one of the most common factors to decide on renting or buying a home. Home resale valuations usually appreciate with time.
It is perhaps due to several factors such as rising inflation, higher housing demand, valuable house remodeling, and higher cost of construction, etc. But there is no guarantee that your home will increase in value over time.
Some of the factors that can depreciate your home resale value include financial crisis, natural calamities, job crisis, excessive wear & tear of house, etc.
If you think that value of your property will fall with time then renting a house or apartment or flat will be the best option instead of buying a real estate property.
However, if you think that value of your property will increase with time then buying a real estate property will be best option.
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