Myths About Owning a House: Part 1

Table of Contents

Myth 1 – Is Owning a Home Better Than Renting?

A common sentence that you hear more and more is that buying a house is financially better than throwing away money on rent. Many people follow this sentence without thinking whether it’s true or not. The truth is, either of them may be better a better financial move for you, but it depends on several things:

• Do you plan to live in the home for at least 5 years? If so, buying is a better choice. Less than that, renting is a better choice.
• Are you ready for the responsibilities of owning a home? maintaining a house takes time and sometimes a lot of work.
• Is the flexibility of moving whenever you want, important to you? Renting gives you more flexibility to do that, unlike owning a house which you will have to sell and buy a new one.

It’s obvious then, that owning isn’t always better.

Myth 2 – Is Renting Cheaper Than Owning?

Many people feel that owning a home is more expensive than renting. If you rent a house and something breaks and needs fixing, replacing or just general maintenance, your landlord will get it fixed on his expense.
The thing is, you can’t make these comparisons. When people rent, they usually compromise on the size and type of the house and even compromise on the neighborhood. They probably wouldn’t make those compromises if they had to buy a house. So you can’t really compare the costs here

Myth 3 – There Is No Risk in Buying a Home

Buying a house is considered by many people as a safe investment. Over the time, the value of real estate usually increases, but that doesn’t mean there is no risk involved with buying a house. But there is also a chance that the value of real estate will decrease, and there also the issue of maintenance or expenses.

Myth 4 – No One Tells You What to Do in Your Own House

Yes, in your own house you have the freedom to remodel it however you want. However, bear in mind that if you want to improve your home, there are rules and regulations that you need to pay attention to. In some cases, adding additional sections to your home will require a proper approval.

MLS Acobir, is the most preferred property list in Panama. Please contact us for all of your Panama relocation and real estate needs.



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