Rent Versus Own a Home

If you don´t want to live with your parents or you don´t like the place where you are currently staying than this means that you want to purchase or rent another home. Before you decide if you want to rent a place or buy one you should take your time and put everything in balance. No matter what you decide the answer can´t be wrong because you are choosing what suites your needs. The home which you choose should be appropriate for your financial situation and also according to what you are planning to do in the future.

The pros of renting a place

Renting a home is cheaper than buying a house. If you add up the mortgage that you have to pay every month and the rent you have to pay you will realize that they are almost the same. The difference between the two is that when you pay rent other fees are includes such as:property taxes and in some cases even utilities.

When renting a home you have much freedom that you do when you own one. If you decide that you want to start a family you can simply pack up and move into a bigger place, if you are paying rents. On the other hand, if you own a house the situation is different because you can´t just decide that you want to move somewhere else.

The pros of buying a home

The beauty of owning your own house is that you can make what adjustments you want. If you want to renovate the whole house or just a room, if you want to make modification to the house you can and you don´t need to ask permission to anyone. If one morning you wake up and feel like planting purple flowers in front of the house, you can just do it without asking permission or wondering whether the owner will be bothered by it. Moreover, you will be investing in your own property’s value, not that of someone else. When you live in a rented home you can´t do all this because you need permission from the landlord. In most cases the owner will not give you permission to make major changes.

Buying your own house is a huge investment but the beauty of it is that after you have finished paying the mortgage the value of the house will increase. Once your children have moved to their houses you can sell it and buy a smaller one and keep the extra cash and use it when you retire.

These are the pros for renting and owning a home. It is up to you to decide what you want after you have put everything in balance.