3 of 42

Write now Article Tools

Renting or buying a home can be a huge decision for many. On one hand, renting gives you flexibility. If you are new to an area, you might consider renting while getting used to local areas. Renting will allow you to stay in a place short-term while scouting out your new turf. Thus, allowing someone more time to discover which neighborhoods you are likely to want to live.

Long term renting should always be carefully considered. While it is wonderful not to have the responsibilities that come along with home ownership (repairs, taxes, etc.) Renting does have a penalty. You never pay off the debt of renting. You will perpetually rent with no end in sight. Financially speaking, renting is usually higher than buying your own place. For some, the flexibility of not having to sell a home combined with not having financial responsibility of homeownership are enough for them to consider renting only.

Remember, when you rent, you are partaking in someone else's home. You are under their rules. You are at their discretion as to whether they will allow pets, how many occupants you may have, and whether the cost of renting will go up at the end of contract. Also, landlords can be controlling as to how well you keep up the rental. There are sure to be repercussions for unkempt rentals: fines, breach of contract and eviction can be consequences. As long as you and your "landlord" are clear and have things in writing, you should be a happy tenant.

If you are going to be "rooted" to one area for at least a few years, the investment of buying is a good choice. As we all know real estate tends to go up, up, up and rarely does it fall. That means that if you were to buy a property today and sell it in say 5 years, you stand a great chance of making decent profit. It's probably the biggest investment one makes in their life. While you do have the financial responsibilities of homeownership (taxes, repairs, etc.) you have the pride of being a home owner. That means, no landlord to tell you not to paint, no pets, too many occupants, etc. With ownership comes pride and responsibility. Now just because you own your home, doesn't mean you're not held accountable to city, state and association laws, so keep that in mind.

When considering to rent or buy, consider a few things:
1) How long are you going to be in the area? Long enough to get a return on the investment?

2) How "hot" is the real estate market? If you are planning on purchasing a home and selling in the future, will the market be conducive to it?

3) Do you want the responsibility of owning a home? Repairs, yard work, taxes?

4) Do you mind having a landlord that dictates rules? Pets? Number of occupants?

5) Are you willing to pay more in rent than a mortgage payment?

When considering renting vs. buying, there are many things to consider. With the amount of investment both renting and buying cost, this is not be a decision made quickly or without giving much thought. No matter what you decide, make sure you are happy with your home, whether rental or purchase!

Learn more about this author, Kris Orientale.
Click here to send this author comments or questions.

Add your voice

Know something about Should you rent or buy a home??
We want to hear your view. Write now!