Dee Depung: Hi- my husband and I just bought our first house together back in June, and I can tell you that there are definitely some pros to owning a house over renting one. For one thing, when you rent, you're basically just throwing your money away. My husband and I did the math, and in the 4 years we lived in our previous apartment, with an average rent of $900 per month, we basically just handed over $43,200 (about a third of the total cost of our house) without getting anything back in return. Now, if we had spent that 4 years paying the same amount per month on a 30-year mortgage with a 5% interest rate, at least 1/3 of that amount would have been applied to the principal, building equity. Other reasons it is good to own a house- you can do whatever you want to the interior, cosmetically speaking, like build shelves on the walls, paint the rooms any color you want, get new carpet, etc. If you are renting, your landlord won't allow it. Owning is also the way to! go if you have a pet and want to avoid all the fees that come with pets in an apartment or rental house.There are cons to owning, though, too. For one thing, whatever maintenance or repairs come up, it's on you. Back in the day if our pilot light went out or our overhead kitchen light blew out, we'd just dial the maintenance man and he'd come out at no charge. They even replaced my washer once for free in our old apartment! Now that we own our house, we have to handle all those things ourselves. If you're not very handy, it can be really scary at first, but I tell you what, you learn quick! Another reason it would be better to rent than own is if you're not planning to live in the area for very long. If you have a job that causes you to move around a lot, buying a house may not be for you. Sure, you can always rent it out or put it on the market, but these days it's not as easy to sell a house as it used to be, and renting it out can come with way too many responsi! bilities. You'd be shocked if you saw what some people do to ! houses they're renting from private owners. Not to mention that if they default on their rent payments, you're stuck paying that plus the rent for wherever you're currently living each month, in order to avoid foreclosure.Anyway, hope that helped. Good luck!...Show more
Tomi Vauters: Ive done the maths on this for my own use regarding buying. In line with what most people think, buying is the cheapest option longterm for putting a roof over your head. Ok rent is cheaper monthly but if you rent, by the time you retire you have no house and probably about eough savings for 50% of a house.Buying: You live a very frugal life, however by the time you retire you are rent free!!! Other alternatives buy a plot of land and put a caravan on it... Thats cheap, then build a house on it after you have lived there for 10 years mega savings (subject to planning permission)...Show more
Tawny Grosskreutz: 2
Porfirio Cahall: Buying a home is better then renting a hom! e or apt. You earn equity on what you pay as with renting you leave with owning nothing. With buying you eventually own the home. You can also decorate the way you want. Plus you do not have to deal with a crabby or picky landlord and can have any kind of pets, and you have more freedom. Yes, you are responsible for the repairs but that is a small price to pay for owning your own home. If you would decide to move you can always rent the home out and make money, just check the tenants out carefully. Best Wishes and hope you get a great grade on your paper....Show more
Lewis Ranft: Rent-To-Own Home - http://RentToOwnHome.uzaev.com/?KxiD
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