To buy or to rent? That is the question that most people thinking of investing in property ask themselves. The benefits of owning property far outweigh the benefits of renting though both are important and lucrative in terms of being excellent opportunities. That said, property owners have the myriad benefits that come with owning their own buildings, business, home, or apartment, without the stress of dependency or the inability to change their environment, to renovate, or to change the use of the building. Overall, property ownership is worth the time, money, effort, and investment that it takes versus renting.
When moving into an area, it’s important to keep in mind accommodation and your choice. Homes, apartments, flats, houses, and rooms to rent can all be found in the classifieds, which is also a good place to find some property listings. Property listings in the classifieds can also include hearings or proceedings where the house has been foreclosed upon, and this can then be open to the public for viewing and bidding. Those properties make excellent investments since the buyer is able to make an offer far under the market price due to the inconvenience of having the property and the owner’s negligence in paying. These are a great option for the new investor.
Overall, property ownership pays off in the short and long run. The property owner has ultimate control over what to do with the house, apartment, or business in terms of renovations. No permission is needed before the owner can fix the lights, replace the toilet, re-paint the walls, or even completely renovate the place by removing walls and making new bedrooms. This ultimate control over one’s owning is a wonderful aspect of property ownership and should pay off in terms of peace of mind and the long-term benefit of up-keeping the buildings, which helps the building to keep its market value over time. Renovations are important and necessary, and renters have little recourse but to move when owners won’t properly invest in furnaces or other appliances or aspects that might need replacing, repainting, or redoing. Property ownership is, by far, the best approach in this regard.
Another benefit of owning property is the community aspect of respect and credibility that comes with such a position. In the community, other residents respect the ownership and holdings and tend to take that person more seriously than someone who is just moving into the area in an apartment. A property holding connotes that this person is responsible, able to pay his or her bills, and that he or she is invested in the community in a long-term way. This respect is important and comes automatically with property ownership versus renting.
Renting can be very beneficial, however, when someone is just moving into an area and needs to find a place to live or do business long-term. The major drawback to renting is that people tend to lose money over time because of the fact that the person is paying the mortgage for another individual who is allowing the use of the apartment or building. A mortgage for that individual on his or her own building or house would not be more than the rent–too often this is the case. If buying is cheaper or the same as renting then one has to think about one’s intentions toward the community in the short- and long-term. When one does this then one has to decide whether renting or owning makes the most sense. If one is not invested in the community in a long-term fashion then renting will tend to make more sense since the person may not wish to be tied up, financially, in an area that he or she is only planning to leave.
If, however, a business opportunity arises that requires property ownership the person should write out a detailed plan to see if the business can sustain itself. In this case, the property owner could be out of the area permanently and still reap the benefits of having a building and business, being run by people whom the person hires. Hiring a property manager makes sense, and so does owning an apartment building, even if the investor does not live in the area. The building’s rent easily will pay the property manager’s salary and also pay for the mortgage and leave a nice profit left over for the investor.
Owning property also is an emotional high because it allows you to feel great about your investment every time the property owner gets out of bed or arrives home from a busy day of meetings or daily activities. Being able to create an environment that reflects one’s personality and that reflects one’s values is an invaluable opportunity in life, one that the property owner enjoys much more than the renter. When one owns the property, he or she can make all the decisions about the landscaping, gardens, fountains, exterior spaces, as well as not worry overly about putting nails in the wall to hold paintings or decorations. It is this freedom to be in control of the atmosphere itself that makes property ownership so appealing.
Finally, property ownership comes with neighbours who enjoy a more permanent air. These relationships are more enriched and enriching because the person is not planning to move quickly once he or she actually buys property. Friendships have been born out of property rentals that have stood the test of time, spanning sometimes 20, 30, or even 40 or more years. Property owners are invested in the street, neighbourhood, or community, and this comes across in neighbour relations. These are great environments to raise kids–in places where neighbours see each other as viable, interesting, engaged, and serious about the property. This spills into all aspects of life in interesting and myriad ways.
Finally, investment-wise, property ownership makes much more sense because the owner is able to reap the benefits of a changing market, which while it fluctuates, tends not to lose its value over time. The opposite is true, so property owners who invest well in their buildings, homes, or businesses by adding landscaping or renovations or simple strong upkeep can make a serious profit over time depending on the property that they buy and the growth and popularity of the area. Over time, property owners have been known to make hundreds of thousands or millions of dollars due to market accruement and inflation, and this allows them to be able to enjoy the benefit of finding that house at a good price and then selling it at a great price later. Overall, owning property makes the most sense.
Owning property does not come at a price since it is about the same or even cheaper, over time, than renting. Paying the mortgage is just as stressful as paying the rent but not more so. The benefits of owning outweigh greatly those of renting over the long-term and short-term. Part of becoming successful is thinking of easy ways to enrich one’s life from one’s credibility and respect to one’s expression of creativity, business, and personality. Owning property is one easy way to achieve just that.