It can be a tricky question – should you buy or rent your home? Should you purchase the property that you plan to live in; this can be a significant commitment? Or should you opt for a lease; which is a more flexible option? What does conventional wisdom tell us? Do corporate apartments make sense for you and your requirements? Let’s compare and contrast the benefits of buying versus opting for furnished apartment rentals.
The pluses of buying
Being a home owner is something everyone aspires to – it offers a sense of belonging and of putting down roots. There is also the fact that owning property is always a good investment; one whose worth typically increases over time. You can furnish the place as you want and have it reflect your own personality. You can make alternations and additions of your choice without having to abide by the terms and conditions of a lease. This can be a home that you invest not only your money but also your time and emotions in.
The benefits of leasing/renting
However all too often you need a house that is temporary: you need to relocate to a new place for professional reasons and you know that you will need to relocate again within some years or even some months. Clearly here, buying doesn’t make sense. Leasing fully furnished corporate apartments with flexible leases and utilities included makes more sense. Utilities and upkeep of any dwelling cost quite a lot and need the home owner to keep track of many bills, taxes and other dues.
Maintenance and home security is taken care of, and you don’t need to bear the costs of routine repairs and replacements. You don’t have to undergo the hassle or shipping all your furniture and setting up home afresh. When you opt for corporate apartment rentals, you simply walk into a fully furnished apartment that is both attractive and equipped with all the mod cons you need.
The conventional wisdom of buying property being a sound investment has also been revisited in recent times. With the downturn in the property market, immovable property doesn’t appreciate as much as it used to. Mortgage rates are high and transaction costs can be prohibitive – some real estate brokers could charge as much as 6% to 7% commission on property sales.
So before you decide whether you need to buy a home or whether corporate apartments make more sense, you need to ask yourself some questions based on economics as well as your emotions!