Renting Vs Buying Home

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When someone is deciding whether to purchase a home, there are a multitude of considerations involved. Purchasing a home is usually the largest investment someone ever makes and they need to take into account the advantages and disadvantages between buying and renting. Some of the renting and owning advantages and disadvantages that need to be considered are; The financial obligation. When you rent you commonly have a one year lease, or less, so you are only financially obligated to pay the agreed upon rent for a year, after that you have the choice of signing another lease, or moving somewhere else. When you buy a home, you are obligated for 15, 20 or 30 years. You can sell a house if you need to move, but selling a house is rarely a quick …show more content…

Even though you may be building equity in your home, that money is tied up in your home for many years. When you rent, you aren’t building any equity at all. So you really have to think about what you want, and when you want it. When you’re a home owner you have the luxury of changing your surroundings. You can paint, remodel, and even add a room or deck. When you rent an apartment you are much more limited as to what you can change. I once lived in an apartment where we had to have our Christmas wreath approved by the office before we could hang it on our door. When you decide to buy a home the lender will require a title search. A title search confirms that there is no lien against the property that needs paid. If someone is owes money for services, taxes etc. they can place a lien on the property. If there is a lien on the property the property cannot be sold or transferred until the debt is paid. Finally, I’m glad we purchased our home. We can live the way we want. We can fire up the grill on the deck, and cook a steak at midnight if we want to, we have a yard for our dog, and there is a sense of pride that comes from owning a

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