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When you rent your home, you can move almost whenever you want, and only face an early termination fee if it's urgent. However, when you own, selling your house can take very long time, and the punishments can be far more severe. If you plan to look for a new job, you're bound to look in the geographic area around your house. However, if you ever get a job offer in another area, and you own a home, you must go through the pain of selling it before you can move away to a new location. In the same situation, if you rent a house, then you could end your lease and easily relocate to the new job with little to no hassle.
When you own your home, every time something breaks, you have to fix it. If something can't be repaired at home, then you will have to pay somebody to fix it, or invest in buying a replacement. When the repairs need to be done on a major appliance, like a washer and dryer, a refrigerator, or a dishwasher, then purchasing a replacement can be an expensive option. However, when you rent, the landlord of your complex should be able to take care of many of these issues with no additional costs.
With having a house you rent, you only spend a designated amount of money on rent and utilities each month. However, when you own a house, you also have to spend money on other fees and taxes that never go towards the ownership of your house. For example, you'll pay property taxes, condominium fees, homeowners' association dues, and any other fees related to the area that your house is located in. Unfortunately, none of these fees go toward the equity in your home. One of the benefits of renting a house is that your rent payment could be less than a mortgage payment. Also, for ownership, median house prices have increased by nearly 50 percent in the last decade. The median income, on the other hand, has gone up only 10 percent in the past ten years — a very meager increase compared to the change in the cost of buying a home. Today, many homeowners who have lost their jobs are unable to relocate for a new one, because they are trapped by the inability to sell their home for as much as they owe on their mortgages.
When it comes to insurance for houses, renter's insurance is much cheaper than homeowners' insurance. In fact, in many instances, the insurance can be as much as ten times cheaper.
While financial stability can contribute to your well-being, the pursuit of unrealistic financial goals can be incredibly damaging. Potential homeowners should consider the sacrifices required to become a homeowner, and carefully decide whether buying a house is right for them. Is a house so expensive that you will have to take on a second job to afford it? Will these extra jobs add more commuting hours that could be spent with friends and family? If you instead choose to rent a house, then the complex may have some very nice amenities that may not be available with a home purchase. Therefore, you'll have some luxuries and will also be saving some money. Another advantage of renting is that after the "newness" wears off, renters can wait until their lease is up, and then go and find an even better place to rent. However, for homeowners, you will probably have to stick with your purchase for a substantial number of years.
Choosing to rent a house is a great option for those who are living alone and are too busy to bother about the concerns of house ownership. Rental options are perfect for young professionals and college students who have other priorities besides buying their own house. For college students on a budget, you can generally find properties to rent in any type of price range. Choices include condos, which are cheaper to rent, and even single-family luxury homes. Rental agents can help you choose which property is right, based upon your budget and your personal set of circumstances.
Owning a house is an important decision, and homeownership should be considered with great thought before any purchases are made. For many people, buying a house may seem attractive, but the more practical option would be to rent. For more information on renting, go to Rent.com and select the house of your choice, the neighborhood you would like to be in, and the amount of money you would like to save.
Equal Housing Opportunity
