Home ownership is a dream for the vast majority of people around the country. However, only 60-70% of the population own a home. Some of these people have paid off their mortgages while the others are still making monthly payments. During the recent financial crisis, many homeowners lost their home to foreclosure because they could not keep up with the rising mortgage payments. There are people who think home ownership is better than renting a home or vice versa. To make an informed decision, you have to consider all the pros and cons of renting a home vs buying a home.
Renting vs. Buying in Tucson
The Pros of Renting
There are many new property developments in Tucson as well as a lot of great properties in well-organized communities. While some of these properties are for sale, many are for rent. This means that you can easily find a rental property that is strategically located and comes with a pocket-friendly rent. If you do not like the unit, you can always move as there are many vacant homes in the city. The beauty of renting as opposed to buying is that moving from one place to another is made easy since you do not need to worry about finding a suitable buyer for the house. Furthermore, you do not need to worry about property tax or maintaining the property. If rent becomes too expensive for you to afford, you can always move to a smaller rental unit. If you buy a home whose mortgage payments have become expensive, you risk losing your home to foreclosure as well as damaging your credit rating.
The Pros of Buying Property in Tucson
While some people may look at a home as a liability due to the monthly mortgage payments, a home is actually an asset, especially in Tucson. This is because property prices are always rising and new units are always at different stages of development. This means that the property you buy today will be worth significantly more a few years down the line. The beauty of buying property in Tucson is that prices are currently low, so you can get a mortgage, buy your dream home and make monthly mortgage payments that are equal or less than rent charged on similar sized properties. After a couple of years, you will have a lot of equity in the property that you can redeem. When renting, you do not build up any equity, which is a significant shortcoming.
Why Buy a Home in Tucson?
Many cities in Arizona, particularly Tucson, are rated some of the best real estate investment destinations in the country for a variety of reasons. For one, the weather is great almost all-year round. When people are shivering in cold in the north, north west and the east coast, Arizona is usually relatively warmer. If the climate alone is not a convincing reason to move, the low property prices in the city should do the trick. In addition to that, many companies are also setting up shop in Tucson and the surrounding areas. Many resorts and casinos are also coming up in the city, making it one of the best places to invest in real estate.