Is it better to rent a house or apartment, or to own your own home? There are several pros and several cons to each side of the equation, and it has to be up to the individual to decide which is the best move. While renting has been looked upon as something that you only do when you are young, or if you don’t have money, renting has been more fashionable as of late. While owning a home used to be the American dream, a growing number of people cannot afford to stay in theirs.
What are the pros to renting an apartment, or renting a house? Renting is a temporary thing, and you don’t have to worry about maintainenance, or other issues should things go worng. Personally that is the one thing that I like about renting, that all I have to do is pay the rent, and the landlord will take care of the rest for me. Renting is also good because when you are young, or if you are in a bind, it is cheaper to rent.
One of the cons of renting an apartment, or renting a house is that a landlord can kick you out a lot faster if you don’t pay the rent. You also have to worry about neighbors in an apartment complex, and keeping noise down can be a hassle even if you only have a couple of people over. Apartments also tend to have more bugs, and other pests. Parking can be limited, and you don’t have the option of changing the look of the place much.
What are the pros of owning a home? A home is an American icon, and a relatively good investment. A home will make you significant money over a long period of time, and even in a down economy like this one, you can still get a good price for your house if you are in the right market. A home is something that you can make into your own, and design it to your own needs. There is nothing like having people over in your house, or sleeping in your own bed, knowing that you are in your own house.
Some of the cons about owning a home is that you have to take care of all the maintenance. Owning a home is a very long term thing, and if you suddenly don’t like your neighbors, or don’t like the town, finding a buyer can be tough. If you default on your mortgage, you can find yourself out of a home, although working out a deal with lenders can be done. Houses can be more expensive, and your monthly payment for a mortgage is probably going to run you double what some rents would.
I would prefer owning a home to renting, just because I don’t like having neighbors whining about the noise. I don’t like the fact that I have to live around so many people, and I don’t have anything really that is mine. I am at the whim of whoever manages the property, and have little to no say over the way the property is run. Not so in my own home though, and I think that ultimate control over your domain is what entices me to want to own a home as soon as possible.