Throughout todays day and age many factors come into play when growing up. One factor that I see to be controversial is whether to own a home or rent a space. When taking these two aspects into consideration we come across financial hardships such as proper investment of money, overall loss of money, and what we must show in the outcome. When looking at all the elements I firmly believe that home owning is overall beneficial for individual. The reason for my claim is home owning provides steady payments that won’t go up, you can build equity, it’s cheaper than renting, and it forces you to save. Homeowning can be detrimental because you spend more money, you have to pay for the electric and utilities, and you have to put in your own furniture.
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When owning a home, you have payments each month that stay the same unless you want them to go higher or lower. You don’t have to worry about your landlord changing your rent from month to month. Since you know how much you must pay a month for your home if you own it, it helps you to save money. You will be able to keep aside however much you owe a month and save the rest for more important items you might need. One of the greatest factors of home owning you build equity that way. Instead of your money going to your landlord each month you will be paying into something that will be more valuable over time. Homeowning can also be cheaper then renting. “Homeownership is 38% cheaper on average than renting nationally, which is a 3% decrease from 2013. Their calculations are based on a traditional 20% down, 30-year fixed-rate mortgage. They compared the total costs of homeownership (including maintenance, taxes, and insurance) to the total costs of renting for the same period of time.” …show more content…
Renting a home means you cannot sell the home after you are ready to move out to something better. With renting a home you will not make any profit. You will not get anything out of it. You are basically just giving your money away and not getting anything in the long run. Additionally, with renting a home the home you are renting could be invested with some sort of bug or animal of some sort. You never know what kind of home you are getting yourself into or if the people before you had bed bugs or let the house get invested with ants or some type of insect. A big turn off of renting a home is most landlords will not allow you to have pets living with you. A lot of people looking for places to rent out have pets or thinking about getting pets in the future. That’s a big reason why renting a home is a
When owning a home, you have payments each month that stay the same unless you want them to go higher or lower. You don’t have to worry about your landlord changing your rent from month to month. Since you know how much you must pay a month for your home if you own it, it helps you to save money. You will be able to keep aside however much you owe a month and save the rest for more important items you might need. One of the greatest factors of home owning you build equity that way. Instead of your money going to your landlord each month you will be paying into something that will be more valuable over time. Homeowning can also be cheaper then renting. “Homeownership is 38% cheaper on average than renting nationally, which is a 3% decrease from 2013. Their calculations are based on a traditional 20% down, 30-year fixed-rate mortgage. They compared the total costs of homeownership (including maintenance, taxes, and insurance) to the total costs of renting for the same period of time.” …show more content…
Renting a home means you cannot sell the home after you are ready to move out to something better. With renting a home you will not make any profit. You will not get anything out of it. You are basically just giving your money away and not getting anything in the long run. Additionally, with renting a home the home you are renting could be invested with some sort of bug or animal of some sort. You never know what kind of home you are getting yourself into or if the people before you had bed bugs or let the house get invested with ants or some type of insect. A big turn off of renting a home is most landlords will not allow you to have pets living with you. A lot of people looking for places to rent out have pets or thinking about getting pets in the future. That’s a big reason why renting a home is a