Pros and Cons of Renting Real Estate Versus Owning Real Estate

There are pros and cons to owning your own real estate, or renting real estate.  Some of the pros of renting real estate are as follows:

When you rent real estate you are not responsible for things that break, back up, or go wrong. The renter can call the landlord and let them know the problems and then the landlord is responsible for making sure the problems are fixed. So, say if the plumbing messed up, the renter could call the landlord, let him know, and the landlord would be responsible for either calling the plumber or having the renter calling the plumber then paying for the problem to be fixed.

When you give proper notice when renting real estate, the renter is able to leave the property and find new property if that is their desire, whether it be in the same town as the first place, or in another state or city.  When you give proper notice, the renter is responsible for making sure the property is left the way it was entered. Meaning cleaning the place up and making sure that the property is not damaged, or that the landlord knows of any damages done to the property while the renter was in the residence.

Some cons to renting real estate are as follows:

Sometimes the renter has to deal with a landlord who is not very reasonable, or too demanding about certain things. Sometimes there are landlords who won’t fix the problems that need to be fixed. The renter has to follow certain criteria to the property that they are renting, such as maybe not being able to have pets. If the renter is looking for a place and can only find one in their budget that does not allow pets, and the renter has pets, then the renter needs to find a home for the pet he can not take with him.  

Some pros for owning real estate are as follows:

When owning property, the owner is able to decorate the property as they see fit, they can have pets if they choose, and they can get building permits and add on to the property if they desire. They are able to invite who they want over, and depending on where they are located, can be as loud as they choose, especially if they live in the country.

When owning property, the owner does not have to worry about dealing with a landlord, if the property is owned out right. They may have to pay a bank for the mortgage, but no landlord. They have free reign of their property.

Some cons to owning real estate are as follows:

When owning property the owner is responsible for their own breaks, and problems. If, for example the plumbing messes up, or something breaks, the owner of the property is responsible for the problems out of their own pocket.  They don’t get the choice of calling the landlord to come fix the problem.

When owning property the owner has to find someone to rent the property, or to buy the property before they can move to another property or residence.  

So in conclusion, whether owning real estate or renting real estate, there are going to be pros and cons to either option. The person just has to decide which is the better choice for themselves.