Even with mortgage rates at historical lows, house prices continue to climb making some to wonder if now is the time to buy. So some are asking themselves the question “Buying vs. renting, which one should you choose?”. There are many people that are trying to make this decision. This is one of the biggest and sometimes hardest decisions you will ever have to make. There are many advantages to renting and there are many advantages to buying. This article will tell you the advantages of both and then you will have to decide if renting or buying is right for you.
These are not all of the advantages of renting vs. buying, and it may vary depending on the areas you want to live in, but they are the most important ones. You will want to make sure that you learn more about renting or buying before you do either.
Here are the advantages to renting:
One: When you rent your home you will not have a big debt hanging over your head. You will not have to worry about losing your home and all the money you have already paid towards your home if you can’t pay the mortgage payment.
Two: When something mechanically breaks or stops working you won’t be responsible for fixing it. You will just need to call the landlord and they will take care of it. This means you don’t have to spend your money when something goes wrong.
Three: One big advantage to renting vs. buying is that you will have less liability. If someone were to get hurt while they were on your property, and it was through no fault of your own, than you won’t have to worry about being sued because of it. In most cases the landlord’s insurance will be responsible.
Here are the advantages to buying vs. renting:
One: When you buy your home you will be the sole owner of the property. You will be able to do a lot of things to your property that would not be allowed without a landlord’s permission if you were renting. Some of the things you can do when you buy your home are to paint the walls inside and out, you can add tiles where you want to, you can basically change anything you don’t like or want changed. These changes have the added benefit of adding value to your home. When you are renting you can’t do this without permission.
Two: When you buy a home vs. renting you will be building equity in your home. Although most of your mortgage payments go to paying interest a portion does go to paying down the mortgage amount. Think of this has a kind of forced savings.
Three: Buying a home can be a big debt but when you pay off your mortgage you will no longer have to worry about losing your home and you will not have any more monthly payments to make. So you will be able to use that money for a lot of other things.
As you can see there are many advantages to buying or renting. You will have to decide which of the advantages appeal to you more. This will help you make your decision easier. Take your time and do some research if you are really having problems deciding between renting vs. buying.
Author Resource:-
Larry Lloyd is real estate professional focusing on the Durham Real Estate market. Feel free to contact Larry and his team with any questions regarding the Oshawa real estate market or to search for available properties. http://www.durhamregionhomes4u.com
The Free Ride In Public Schools 27 Nov 2008 at 11:28am
Why should public-school students bother doing homework or studying hard if they advance to the next grade no matter how bad they do in class? That would be dumb, and these kids are not dumb. Punishing the Victim -- Why Public Schools Pressure Parents To Give Their Kid... 27 Nov 2008 at 11:28am
It is normal for bright, energetic kids to be bored in public school. To solve the problem of "unruly" children, public schools now pressure parents to give their kids potentially dangerous mind-altering drugs. The Graceful Art of Defrazzling - For Mothers 27 Nov 2008 at 11:28am
An introduction to a "defrazzled" method of surviving life as a mother
If you are interested in learning about and discussing social services and social services agency management, please visit SocialServicesAgencyManagement.com where you will also learn about the new ecological model of excellence.
![[Valid RSS feed]](http://www.StuffWorthKnowing.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites
