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For myself personally, there is no question as to what the answer would be; I would absolutely buy a home. I like the idea of someplace that is mine to come home to that I can fix up inside and out the way I want. But everyone is different, what is right for you might be something different.

Being a home owner does have certain responsibilities that go along with it, such as its upkeep, maintenance as well as property taxes, insurance and mortgage. A mortgage is long-term debt and the interest rate you pay is determined by your credit score.

Some people may not want all the responsibilities that go along with home ownership. On the other hand, a home does have long-term value and is considered as an investment.

Owning a condo is similar to owning a single family home, except that a condo is considered multi-family living and in general most condominiums have someone that is responsible for the grounds upkeep and landscaping. Most condo's have home owner associations that you would belong too.

Renters pay rent to the landlord and the landlord is responsible for the all of the property's upkeep, maintenance, property taxes, insurance and mortgage. Now days there is renters insurance, so a renter might have insurance on the belongings in their apartment as well as the insurance carried by the landlord.

Whether or not it is cheaper or better to rent, buy a home or condo is based upon personal preference, lifestyle and income. Most everyone will rent a place to live sometime during their lives, but not everyone will choose the responsibility of becoming a home owner.

Learn more about this author, Jeanie Pitner.
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