Perspectives

Buying Vs. Long Term Leasing: Which One’s Up Your Alley?

Buying a PropertyDeciding on a family home is an important decision for couples to make. If you are considering either to buy your home or lease it on a long-term basis, better compare your options carefully.

Have you just gotten married and are now in the process of looking for the perfect abode that would be home to your future family? In another instance, are you simply starting your small brood of three? Whether you are newlyweds or you already have children, deciding on your family home becomes an important issue to tackle.

You have two options: you can either buy a property or lease it long-term, AmericasHousingAlliance.com explains.

The Cost Issue

One glaring difference between buying a home and going for the long term lease of a single family home is the cost. Obviously, buying a property would entail a huge cost, especially if you’re looking at a nice and big property for your family. You would have to come up with a staggering sum initially unless you want to settle in some not-so-nice neighborhood. On the other hand, if you want your family to enjoy a home that has all the great facilities, yet the cost wouldn’t bleed your pockets, then leasing a single family home on a long term basis can be a good option.

The Repairs Issue

Most of the time, upkeep is one issue that would have prospective buyers take a step backward and head straight to another property. With buying a property, this can become a burden since you would often find the home just the way the owner left it. So if the home had a sloppy owner, then you just have to bear it. Buyers and owners often compromise when it comes to repairs.

On the other hand, many single family homes that are offered for long-term lease have been repaired and renovated by the new owners. These owners usually purchase turnkey rental properties for sale, do the necessary repairs and present you a home you can be proud of.

The Location Issue

Consider this, a property acquired due to its nature of being rented out to tenants is normally located in a very good area. This means when you have found a property that has a very good location, then it would be something for you and your family. Fox Business has reiterated time and again that when it comes to real estate, location plays a major role in determining the price of the property you are buying.

So if you’re still in a quandary whether to purchase or lease your family home, just take a look at the short comparison made above. Remember that when it comes to your family, nothing could come close to giving them only the best.