by Jody Morse

Created on: September 03, 2007   Last Updated: October 23, 2009

The decision to buy a home or rent a home is a very big one. In fact, it may be one of the biggest decisions that you will ever make for your financial future. There are various factors that you should be sure to take into consideration, whether you are making this decision on your own or with your family. Here, you will learn more about some of the main factors that you should be sure to think about before making your final decision.

Buying a Home is a Long-Term Commitment

Buying a home is a long-term investment. By making the decision to buy a home, you are completely committing yourself to a mortgage that is going to need to be paid. Not only is it now a long-term investment, but it is also a long-term commitment. The process of becoming an owner of a home is never quick or easy. The average person takes between fifteen years and thirty years to pay off their mortgage. A high percentage of people will need to refinance their mortgage during this time in order to be able to own a home. To many, the amount of time involved does not seem worth becoming a homeowner.

Renting a Home is Easier for Frequent Movers

One of the main benefits of renting a home is the fact that it is often a lot easier for people who move frequently. Instead of going through the process of buying homes and selling them every time that you make the decision to move, all that you need to do is find places to rent. Since you know that you will not own the home that you are renting, you also may not give up great traveling opportunities due to attachment to your home.

Having a Landlord May Be Beneficial or a Downfall

Depending on what type of landlord you end up with, you will probably find that renting can be easier. Since you are not the owner of the house, the cost of all repairs which may be needed for the house or condo will not be your responsibility. Instead, your landlord will be the one who is held responsible. Unfortunately, not everyone gets the best landlord. You may end up with one who doesn't enjoy getting things done on time or who complains every time that something needs to be fixed. While there may be benefits to this, there also be downfalls as well.

You Don't Own Anything After Renting a Home

Ultimately, you will not have anything to show for the amount of money that has been invested in a rented home. This is one of the main things that makes buying a home so beneficial. Many people will rent for years. When they make the decision to eventually buy a home, they often do not

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