We live in a society where we are on the prowl for the “best deal” or bargain. When it comes to the decision of renting or buying a home the question should not be, “Which is cheaper?” The question is, “Which works best for me?” Once you have the right question in perspective, the decision making process becomes a little bit simpler.

There are both pros and cons of buying and renting like anything else. Let’s go over a few of them.

Renting

The first reaction to renting a home is that of, “Why don’t you use the money you are spending every month to put towards a home of your own.” It’s not like that. There are great advantages to renting.

1. Fewer Responsibilities. In a renting situation you are not responsible for the maintaining of the lawn and appliances in many cases. If you have a busy schedule and mowing the lawn once a week doesn’t seem to fit in your time, don’t worry about it- someone else takes care of it for you! If your oven breaks and you are already on a tight budget, don’t get overwhelmed- you won’t have to fork over the money for a new one. It’s not your responsibility. Please understand though, this does not give you the freedom to trash the place. A great rule of thumb is to leave it in better condition than you found it. (That works best in all situations!)

2. Flexibility. Renting gives you the freedom to move around with your career. You may have a job that takes you from place to place and in the case, renting is definitely a great option for you!

 

Owning

1. Security. Owning a home gives you a sense of security and stability. It’s a long term commitment with a long term prize! This home is yours. Period. It’s a haven that you can raise a family in, grow old in and one day pass on to someone else of your choice. At the end of the day, you own the roof over your head and no one can take that from you. (Unless you don’t pay your bills.) Another great rule of thumb for this is, “Be smart from the start.” Don’t buy a home that you cannot afford. If you can’t afford the home, you will definitely not be able to afford the maintaining that comes along with being the owner.

2. Creativity Freedom. A home that belongs to you is in a sense like a blank canvas. You can paint, create and style it any way you would like. You have complete control over the style of your home and even if it is hideous, no one can tell you to change it. 

 

Author : Kaylie Poplin