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Norman Realtor: Is It Better to Rent or Buy a House

by Marquette Turner Luxury Homes

in Features, Real Estate Radar, Variety

There are a lot of people in this world who wants to buy their own house. It seems that this is one of those milestone achievements of any provider for the family. Once you own your home, it is a very serious accomplishment. Not everyone can buy their own house or even apply loans for it since the process is so strict. Here in the US, there are more people in renting spaces rather than having a house of their own since not everyone can afford such a high cost especially in the long run. It can be quite damaging to the finances of any family once you buy one. Learn more about the rising cost of houses in this website

Also, it seems that there are many people who are against owning a home. However, there are also some who advocates to this practice even from before. Here are some of the arguments about these two sides:

Owning a Home is a Great Idea

One of the main reasons why people tend to see buying a house as advantageous is the way they see it as an investment. After all, most people would buy a house with a lot included with it. As we all know that prices of these properties do increase over time, it is important to start investing now. You may never know how much this property would cost in the future. Also, you can always sell it later if you want to own another piece of property.

It can also be quite expensive to rent out for a long time. As we all know, the price really depends on the location that you have chosen to live in. Here in Norman, Oklahoma there are a lot of places that still offer competitive prices for the housing. However, it is important to have someone to help you in dealing with the home sellers. Realtors like The Stiles Company can help you with these transactions as they can do most of the talking and processing for you. They can help you find the best deals and acquire that dream house you have always wanted.

Mansion at dusk - Photo by Daniel Barnes on Unsplash - Marquette Turner Luxury Homes
Photo by Daniel Barnes on Unsplash

Renting a Home is a Better Idea

On the other hand, there are those who disagree on the notion that it is so much better to own a home. As the previous argument has mentioned, prices of these properties has already increased over the years. Your typical employee cannot even afford to buy a new car, let alone an apartment or a house and lot. It is also true that there are more people who are renting a flat rather than those who bought their own. This is entirely because of the immediate costs and it is so much better for some families to just pay a little every month.

There are also new laws that were placed to increase the taxes in homeownership. This along with the mortgage fees can drive the costs even higher than when you were paying rent. Even though most people would argue that you are already paying for what you own if you buy a house, which may not be the case sometimes. There are other fees that you need be aware of like the taxes on the mortgage fees as well. Each state has different rules and regulations regarding property ownership, so you really need to study those as well. Read this article here to learn more: https://www.investopedia.com/financial-edge/1112/reasons-renting-is-better-than-buying.aspx.

The Verdict

It really depends on your situation whether you want to buy or rent a house. There are some calculators on the internet that can help you solve your possible expenses, they may not be very accurate. However, there are some who proposed a different method of decision: depending on your length of stay. If you will live in that house for less than five years, then it might be best to just rent it because the cost of buying the house may be even greater.

On the other hand, if you will stay on that single place for more than five years then it might be best to just buy it. It would be even better if you will stay here for 30 years or more as you will get back everything that you have spent for the house. Also, it would be even better for your family to stay in a single place. There are more people staying here in Norman these days, and it is a nice place to live.

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