At some point in all of our lives, we are faced with the dilemma of either renting or owning a home. The decision can sometimes be quite nerve-wracking, due to the fact that a considerable amount of money is on the line, in either situation. If you find that you have made the wrong choice, it could be months or even years, before you find that you have saved enough to move again. This is why we all need to weigh both situations with heavy consideration.
There are many benefits of renting a home or apartment. One of the foremost reasons many opt for a rental, is not having to pay for maintenance or the repairs that will ultimately arise at any given point while living there (Haury 2016). If your pipes burst, or the roof goes bad, this …show more content…
One drawback is the lack of feeling a pride in owning your own space. Many people like the pride they feel in saying “I bought that with my money”, very much like owning a car. Unlike owning your own home, you cannot in most cases repaint or put up as many pictures as you would like, and you will have to be extremely careful on carpeted spaces. You will also want to think about how much you enjoy having pets, many rentals will not allow any (Siegel & Yacht 2009). Also, once you have signed a lease you are bound by a contract to live and pay rent for a set amount of time. If you decide at any point you want to move before the lease is up, you will likely have to pay a considerable amount to break …show more content…
The most important part of either process is going to be doing your research before making a final decision. Being financially stable in both situations is important, but even more so in home ownership. If you need to build credit, and get a good financial start, renting may just be the perfect option to saving the money needed for a home if that is an intended outcome.
References:
Advantages and Disadvantages of Owning a Home. (2016). retrieved July 19 2016, from InCharge Debt Solutions Web Site: https://www.incharge.org/housing/homebuyer-education/homeownership-guide/advantages-and-disadvantages-of-owning-a-home/
Haury, A (2016). Reasons Renting is Better Than Buying. retrieved July 19 2016, from Investopedia Web Site: http://www.investopedia.com/financial-edge/1112/reasons-renting-is-better-than-buying.aspx
Siegel, R & Yacht, C (2009). Personal Finance. Washington, DC: Flat World Knowledge, Inc.
What 's in a Title Search? (2016). retrieved July 19 2016, from Stewart Title Web Site:
There are many benefits of renting a home or apartment. One of the foremost reasons many opt for a rental, is not having to pay for maintenance or the repairs that will ultimately arise at any given point while living there (Haury 2016). If your pipes burst, or the roof goes bad, this …show more content…
One drawback is the lack of feeling a pride in owning your own space. Many people like the pride they feel in saying “I bought that with my money”, very much like owning a car. Unlike owning your own home, you cannot in most cases repaint or put up as many pictures as you would like, and you will have to be extremely careful on carpeted spaces. You will also want to think about how much you enjoy having pets, many rentals will not allow any (Siegel & Yacht 2009). Also, once you have signed a lease you are bound by a contract to live and pay rent for a set amount of time. If you decide at any point you want to move before the lease is up, you will likely have to pay a considerable amount to break …show more content…
The most important part of either process is going to be doing your research before making a final decision. Being financially stable in both situations is important, but even more so in home ownership. If you need to build credit, and get a good financial start, renting may just be the perfect option to saving the money needed for a home if that is an intended outcome.
References:
Advantages and Disadvantages of Owning a Home. (2016). retrieved July 19 2016, from InCharge Debt Solutions Web Site: https://www.incharge.org/housing/homebuyer-education/homeownership-guide/advantages-and-disadvantages-of-owning-a-home/
Haury, A (2016). Reasons Renting is Better Than Buying. retrieved July 19 2016, from Investopedia Web Site: http://www.investopedia.com/financial-edge/1112/reasons-renting-is-better-than-buying.aspx
Siegel, R & Yacht, C (2009). Personal Finance. Washington, DC: Flat World Knowledge, Inc.
What 's in a Title Search? (2016). retrieved July 19 2016, from Stewart Title Web Site: