Personal Finance: Home v. Rent
There are many considerations when deciding whether to rent or to own. Categories like one's financial situation, one's stage of life and one's desire for mobility should be primary factors. I may be biased based on the fact that I have never rented only owned. I started my current, and only job right out of high school and have been there ever since. I lived, at the time in a town of only 300 people renting had minimal offerings so buying a prefabricated home was the best option. My stage in life was the primary factor in my decision.
At the time, 19, becoming a father for the first time I knew that I needed to provide a good home for my new family. Which I did. The town was a good place to bring up small children. It has a small school right across the street and plenty of wide open spaces for the children to explore. With all of the communal benefits of a small town. When my children reached their preteen years. I decided to move them to the neighboring town, of 10,000, where there would be …show more content…
Although, renting has some financial advantages like more liquidity, that is to say less money tied up and cash can be utilized more quickly. Less expenses, your landlord is generally responsible for property maintenance. There is no need for a title search, which is used to ensure that property ownership can legally take place. While the financial benefits of owning your home are it is a huge asset and can be lived in, rented out or sold. This asset can be taken advantage of through a home equity loan, or sold for a profit. Another financial benefit of home ownership is that your loan should be set up with a fixed rate so your payment will remain about the same for the duration of the loan. Whereas rent is at the whim of the market. Another down side of home ownership is the lack of
There are many considerations when deciding whether to rent or to own. Categories like one's financial situation, one's stage of life and one's desire for mobility should be primary factors. I may be biased based on the fact that I have never rented only owned. I started my current, and only job right out of high school and have been there ever since. I lived, at the time in a town of only 300 people renting had minimal offerings so buying a prefabricated home was the best option. My stage in life was the primary factor in my decision.
At the time, 19, becoming a father for the first time I knew that I needed to provide a good home for my new family. Which I did. The town was a good place to bring up small children. It has a small school right across the street and plenty of wide open spaces for the children to explore. With all of the communal benefits of a small town. When my children reached their preteen years. I decided to move them to the neighboring town, of 10,000, where there would be …show more content…
Although, renting has some financial advantages like more liquidity, that is to say less money tied up and cash can be utilized more quickly. Less expenses, your landlord is generally responsible for property maintenance. There is no need for a title search, which is used to ensure that property ownership can legally take place. While the financial benefits of owning your home are it is a huge asset and can be lived in, rented out or sold. This asset can be taken advantage of through a home equity loan, or sold for a profit. Another financial benefit of home ownership is that your loan should be set up with a fixed rate so your payment will remain about the same for the duration of the loan. Whereas rent is at the whim of the market. Another down side of home ownership is the lack of