Renting Versus Buying

Many people get into the buying versus renting debate wondering which one is actually better. While there are scenarios where each one comes out as the winner, it all depends on your local area and prices. While it may or may not be the best decision, there are a number of advantages to renting that many don't consider.

The biggest advantage to being a renter is that you don't have to be responsible for damage that is caused by weather or other things in the house that might break because of these types of circumstances. If you need a new roof because of a hail storm, the owner is the one that takes care of it. It's not an advantage that you are paying the same fee month after month, but you also don't have to deal with calling repairmen and getting everything set up to make sure the house is fixed up properly. Part of your payment is for this service which frees up your time.

Your expenses as a renter are pretty much the same month to month. You don't have to worry about the months when the property taxes hit, balloon payments on a loan, changes in interest rates, or insurance premiums. You can make a budget and stick with it where as an owner you will have unplanned expenses that will hit at various points in the year.

For some types of renters like those living in an apartment or condo, you can get away from having to deal with yard work and landscaping. You could be a busy person who simply doesn't want to have to deal with keeping a yard looking nice. There are many renters who do not have to do this type of labor on their weekends.

You are free of the stress of fluctuating home prices or what your neighbors are selling their homes for. The thoughts of property value don't have to yet another worry in the back of your mind.

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