Renting Or Buying: There Is No Universal Best Choice
There seems to be an eternal argument about which is the better way to go: renting a home or buying one
. The truth is, however, both renting and buying have their own pros and cons and depending on your lifestyle, situation, and preferences, there is no clear-cut winner.
Renting Pros:
Cost: renting can actually be cheaper in the long run than owning if you are paying low rent with only minimal increases.
No yard maintenance: you can go away for a few weeks and you dont have to hire someone to mow your lawn in the summer.
No property taxes: you can argue that these are included in your rent, but you still dont have to pay them outright.
No exterior home upkeep: you are not responsible for painting the house, cleaning the gutters, etc; this list is even more extensive if you rent a townhouse or apartment.
No repairs (due to normal usage): your landlord is responsible for things like fixing or replacing items that are part of your rental, like the hot water tank, appliances, etc. As long as this is normal usage, you are not responsible for the costs of fixing or replacing these types of items.
Renting Cons:
Potential lack of stability: you have the possibility of less stability in a rented home because your landlord can decide to sell the home at any time. Laws about this type of eventuality vary from place to place.
Creative freedom: when you rent a home you usually cant renovate and may also not be allowed to hang pictures or paint the walls.
Landlords: while there are many great landlords out there, sometimes you find yourself in a landlord-renter relationship with someone who you just cant get along with.
Owning Pros:
Stability: you choose how long you want to stay in the home
Creative licence: you choose how you want to decorate and keep your home and yard.
No landlord: you are the king or queen or your own castle.
Investment: eventually you will have put enough money into your home that it is actually an asset.
Owning Cons:
Costs: the cost of your mortgage and upkeep/maintenance can be very high.
Relocating: if you need to move for work or a change in family size, it can be very difficult to sell your home, depending on the market.
De-valuing: as many people currently found out, homes dont always increase in value; you could be left holding onto a mortgage that is for more than your home is worth.
The decision to choose one of these options over another is very individual. Some people will weigh certain aspects a lot more heavily than others because of their particular lifestyle. If you think that you want to change from one type of living arrangement to the other, take the time to weigh out all of the pros and cons from your own perspective.
by: Karrie Rose
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