Major Benefits of Renting Versus Owning a Home for Common People
New York is a large city where the houses are available both for sale and on rent. Usually, people decide to buy a home or take a home on rent according to their financial abilities and also the time that they will be staying here, mainly in case of people coming from other cities. But there are several advantages of buying a home that inspire people to buy houses here; while the renting of home also has its own set of advantages and disadvantages. Hence, it is best to consider all the points carefully and finally decide on this matter, if money is not a constraint for the home seeker.
Advantages of buying a new home in New York
- The process of buying a home means that person intends to stay permanently in this city. Hence, he/she is subjected to lower deduction of income taxes, mainly in case of larger rates of tax deduction.
- Many home owners can pay a part of their property tax and mortgage payments, by giving out a part of their houses on rent, which is a very good means of earning extra money. Mainly the retired people find it a brilliant way of monthly income by giving out a certain part of their duplex apartment or multi storey house on rent.
- The owners of the homes can full freedom to lead a lifestyle according to their wish, without being intervened by anyone else as experienced by the people staying on rent.
- The rented homes result on paying lots of money in long course of time, in the form of monthly rent. This expense can be saved on buying one’s own house, even by making a large amount of money as the cost price of this home.
Advantages of taking a home on rent in New York
- The tenant of a rented home is not liable to the repairs and maintenance of that house, unless any damage is caused by him or his family. Moreover, he needs not pay the maintenance costs that need to be paid in the apartments, as it is supposed to be paid by the homeowner.
- The person living on rent can easily shift their residences whenever they need to do so, which is not easily possible for a homeowner. This factor is particularly suitable for the people on frequently transferrable jobs. The tenant may also be able to save some money if he finds a home on lower rent than his present rented home.
- It is much easier to take a home on rent in New York than buying a house here, as he needs not worry about the hassles of understanding the complications of real estate market, as required in case of buying a home here.
- Most of the rented homes are available with all the essential facilities, like cable connection and gas connection. But the houses offered for sale are not provided with these facilities and the new homeowner has to get all these amenities himself.
However, any person needs to keep in touch with a competent and trustworthy New York real estate professional, irrespective of the fact whether he wants to buy a new home or wants to take a home on rent.
