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Three Important Questions to Ask When Choosing to Rent or Buy A Home

Three Important Questions to Ask When Choosing to Rent or Buy A Home
Publication date: 2019-11-22 Category: Investment in Turkey

At the end of the day, owning a home is what everyone aspires to do at one point, but you probably aren’t sure if that is something that you can do without great difficulty due to your finances. Renting a home or apartment can be considered cheaper, but it’s likely something that you do not want to do forever for multiple reasons. Both renting and buying have their ups and downs, but you likely want to find out which is the direction to go in now istanbul real estate.

Here are three questions to answer to decide whether you want to rent or buy Turkey real estate.

1-How Long Do You Want to Live in The Home?

If you want to stay in the same place for five years or more, buying a home sounds the most logical solution, as you have more control over a home you buy rather than over a home that you rent. If you are expecting changes in your life, however, then renting would be the way to go. If you are looking to change jobs, or simply want to test different neighborhoods out, it will be far easier to rent and move to a new place afterwards should you need to. While you can buy a home and then sell it a few years later, it’s hardly worth it fiscally when you have barely spent time to let the home appreciate, which increases its value. Appreciating the home can be done by making upgrades and renovations to it to make it an attractive place to live.

2-What Makes More Sense Financially?

On paper, renting tends to be the better option than buying, as the upfront costs when you move in can look far more appealing. Home buyers are tempted by the smaller and fewer expenses, even if they understand that rent needs to be paid every month. However, in some cases, owning a home can be cheaper than renting in the long run. When owning a home, you have a mortgage. When you pay off this mortgage in full, the home is 100 percent yours to keep. This mortgage rate also never changes. When you rent a home or apartment space, you are left with paying for rent indefinitely. To make matters worse, the rent will go up every year. In many cases, owning a home is the better option, but renting is more logical if you are not looking to stay for a long time.

3-What are The Risks When I Choose to Rent or Buy?

There are obvious downsides to both renting and buying Turkey Property. For buying, you will need to be responsible for your own renovations and maintenance. The lawn, plumbing, electricity, amenities, and more are what you need to take care of with your own money. When renting a home, the landlord will need to handle maintenance. Buying a home may not be the best idea should you wish to raise children, as the expenses can pile up on top of the maintenance. As for renting, you won’t have the freedom (and perhaps the privacy) to live as you want. You are not free to renovate the home should you want to change it in any way. It also doesn’t guarantee that the rental home will be available forever, as the landlord can decide to sell the property and needs you to vacate.

Conclusion

Renting and buying both have advantages and disadvantages. Depending on your situation and outlook, you may find that one will fare better for you than the other. Consider your options to find out what you should do.


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