The dilemma about organizing our home in a rented apartment or owning a house is common at certain ages or conditions. There is no magic rule to decide if buying a home (with a mortgage) is better than renting it, but we can help you assess the benefits and drawbacks of each of the modalities. Go for it.

The rent or buy economy

With rental housing we do not increase our assets; we do not increase our belongings. Therefore, we enjoy the money that we allocate to it, but we will not be able to recover.
In the case of buying the house, we are acquiring a property and we could sell it later obtaining a profit, recovering the investment or, perhaps, losing money if the real estate market falls. We have a risk as in any investment, but the money can return.
In both cases it would be necessary to check the interest rates of themortgageand its conditions. And of course compare the foreseeable installment in the mortgage and the rental prices.

The organization of our life

The purchase of a home and the consequent mortgage will bind us to the home for a long time. Therefore, the flexibility of the solution is small, although we can live in that house as long as we want.

In the case of renting, we can get rid of the commitment much more easily, although the landlord may not extend our contract and force us to change residence.

Reforms for rent or property

In general, in the case of home ownership, we can carry out thereformsthat we consider appropriate within our home, as long as we do not affect common elements. If the home has some type of official protection, we may have to notify the responsible body of the Autonomous Community.

In rentals, the main thing is to review the rental contract that can regulate the reforms allowed and who assumes the cost. In general, all must be approved by the landlord and those for conservation orimprovementwill be borne by the landlord.