Some people are currently considering the advantages and disadvantages of renting compared to buying their own house.
In many parts of the country home rental costs are nearly 50% less than it would cost to get a home with a traditional thirty year mortgage.
Many people across this country are wrestling with their home’s mortgage payments right now and the home value rate is not getting any better at the moment.
Pros & Cons of Renting A House
The advantages of renting a home are often pretty clear. If you are a renter then you don’t usually have to worry about your house’s maintenance other than a few standard house repairs.
Most rental houses have a management service that handles large home improvements and maintenance issues. Renters do not get to benefit from growing home values but they also don’t have to worry about selling a house that is underwater. People who rent their home don’t often have to pay property taxes, though some states do have a rental tax.
Renters, however, usually have very little control over their own house’s upgrade projects. While many cities have rental rules, sometimes landlords can stop renting to residents for no good reason. When you rent your house then you have to remember that you are not building any sort of value in your house.
Pros & Cons of Buying A House
Buying a home usually is usually a more expensive decision in the beginning. The nerve-wracking process of applying for a home loan can be challenging for many people these days.
However, home owners usually have more freedom to modify their homes than renters, but home owners obviously have to be able to afford their home upgrades. Of course, some home remodeling projects can give you a large tax benefit.
The Decision Is Yours
The decision to own or rent a house is mostly a personal one. Both renting and home ownership come with obvious pitfalls and benefits.
Owning a home will give you power of ownership and will allow you to build up equity and gain some possible tax breaks.
While renting may leave more immediate cash in your pocket and enable you to avoid a long-term commitment as well as the worry and expense of property maintenance and upkeep.
So what do you think…is buying a house better than renting one? Be sure to share your opinions in the comments blow!