Buying a Home or Renting a Home- Which is Right For You?

Tuesday, 9 February 2010

Many people who are looking for a new place to live often ask themselves if it will be a better option to rent a home or to buy a home. After all, isn't owning a home the American Dream?

There are several advantages and disadvantages to both of these options. It is a great idea to look into the pros and cons of any situation before you decide on a particular thing to do. When you are considering moving, take the time to read this in order to learn more about the differences between renting and owning a property.

When you choose to rent a home, there are many different advantages that come along with it. One of the biggest advantages is the fact that you can usually move if you get ready to. You will of course have a lease contract term, but you will be able to move when the lease runs out. If you take the time to consider the different options for you, renting may be just the one for you. You are also looking at a lot less money being spent out in order to fix things. Usually your landlord will be pretty good about taking care of any sort of repairs or replacements that are necessary if things mess up.

Some of the disadvantages to renting include paying and paying on something that will never become yours. If you keep paying a monthly rent, at the end of it you will still have nothing to put your name on. This can be frustrating, especially if you plan to live somewhere for quite a while. You may just be better off buying the property rather than renting the property. However, if you do not have good credit, you may only be able to rent if you are unable to get a loan in your own name in order to get a home and purchase it.

Now that we have looked at renting, we will take a look at purchasing your own home. There are many different advantages to purchasing as well. One of the key factors of purchasing a home is that once it is paid for, it is yours to keep or do whatever you choose with. You are not just paying for something that will never become yours. Another advantage to purchasing is the fact that you will be able to use it as a tax credit each year. Owning your home allows you to save a bit on your taxes.

Now for the disadvantages- there are a few of these as well when you own your own home. If you take the time to look at it, you can often spend more for owning a home. You will have to pay homeowners insurance as well as property taxes. You will also have to fix things if things get broken. You will likely have to keep up the lawn as well as do other maintenance.

Take the time to weigh these options when you are considering whether you will rent or buy your next home.


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