• Should You Buy A House Outright?

    Date: 2016.11.08 | Category: Real Estate | Tags:

    Real estate is in huge demand, especially now than before. Many people want to stay individually with their families instead of staying with the extended family. This is not always because of problems within the family but could be simply because of privacy and independence.

    When you have your own home regardless of whether you want it so you can stay separately from the rest of your extended family or not, one of the biggest benefits you can get is that you can do as you please. When you have your own place to call home, you are the boss. This is your home. You can do as you want… within legal limits. So what is the most important thing you should consider before you decide on the place to call home? 

    Is it whether you should buy a place outright?

    You would have seen some real estate go on sale and others go for Hong Kong rent. So which option should you go for? Well if you choose the latter, there are benefits. If you go for a rental agreement it is of course much cheaper in the short term than buying a place. However there are more benefits. If you want to stay in a play for a short while then rental should be something you look at. Let us take an example, if you want to work in the city at the moment but in the future live in a quiet town, it would make more sense to go for a rental house or an apartment. 

    This is because if you buy the place for the full price, when you want tomove, you would have to sell it. While some may say this is cheaper because you could sell it for more than you bought it. Any good property agent will tell you that some places can stay for a year without finding a buyer. This means you cannot make the move for a long time. On the other hand if you go for rental, you can just pay that month’s rent, pack your bags and go. 

    However rental does have its flaws. Even if you have an agreement for twenty years those place is still not yours. You can still face eviction when you miss a payment. So if you do not have enough money to pay your rent, you would be in trouble and in some cases, a legal battle could await you. The latter is of course rare however it can still happen. Furthermore you would have rules to follow. If the owner says no pets, well then your favourite pooch would have to stay behind.

    Therefore weigh the pros and the cons of choosing a property and then decide what you want to do. Your decision is important so make sure you choose the right one.