Compare renting a home vs owning a home

Compare renting a home vs owning a home

One big question that millions of Americans ask themselves every day is whether to sign another lease or just get over it and buy a place they can call home. Consumers need to consider some few factors including their lifestyles and financial situations. For example in the state of Texas the population of those occupying rented houses are approximately over two million as those occupying individual-owned houses are approximately over three million. There are several reasons that influence people in renting a house rather than buying their own houses.

In making a decision of renting vs. buying a home, it is much wiser to rent to rent a home where one might want to live in rather than buying that home that you really desire to live in because a rented a home comes with numerous benefits for instance there comes free maintenance plus all other partially included services and in addition everyone renting a house have the freedom to evacuate any time they wish. And get a better place or any other place they desire compared to owning a house where one has to sell the house to raise enough money to move to some other new place.

Renting a home is therefore more convenient for instance where one is confronted with repair issues of plumbing for example there is a leaking roof or sinking or maybe cracked walls, free maintenance will only be one phone call away for those people renting a house because the person owning the house who is the landlord, in that case, is the one responsible for all repairs on his rental properties. Whereas in owning an individual house, all repair expenditures are catered for by the house owners, thus they have to dig deep in their pockets whenever something goes wrong in their households because unfortunately they cannot enjoy the availability of free maintenance that those who have rented do. The only things these home owners wake up with as a reality are the expensive maintenance costs and some free headaches!

Partially included services comes as real bonuses for those people renting a home. For example in some rented homes the landlord pays for both water utility and waste pickups hence the renter have absolutely nothing to worry about these two extra bills. Therefore, one completely forgets about the burden of having to expect a stressful large water bill hence those renting a home can water their backyard garden and at the same time take favorite long showers at their comfort without any worries. Whereas home owners have to face the heavy bills which limit the freedom to utilize some basic needs as they find themselves extremely economizing to save on the hefty expenses.

Furthermore, those renting a home enjoys the freedom of moving out any time they want just by writing a thirty-day notice and giving it to their landlord. For example, one might encounter bothersome neighborhood or maybe the crime rate in that neighborhood or state goes extremely up. Without having to be bothered about any inconveniences, the renters can at any time look for another place to live in a more desirable area and leave their rented home. There is also the ability to move freely to the new job opportunities in other towns. On the other hand, those owning their home, have relatively deal with such unfavorable  inconveniences in their neighborhood or just have one option of putting their house on sale which there is no a guarantee that they can sell in thirty days.

Also, Renting a home is also wiser since one can avoid the mistake of owning a depreciating asset, for example, it can be disheartening to buy a home and later realize that the value of the place is depreciating at a faster rate over time rather than. Whereas those renting houses have nothing to be anxious about concerning buying and selling of the house whenever they are faced with difficulties.

Another aspect where renting a home is better than buying a house is whereby one has to incur heavy down payments which can be effectively invested in other productive platforms hence one it’s not tasked with saving big amount of down payments in moving to a rental property

Moreover, renters have another obvious benefit over home owners whereby they do not incur real estate taxes which can be a hefty burden for various home owners as it varies by county to county. As they also enjoy a fixed rent amount which normally lasts for the span of the lease agreement.

Apart from enjoying free utility services of maintenance in rented homes, renters also are more privileged than home owners whereby they incur relatively lower insurance costs while home owners constantly maintain an insurance policy but luckily for renters the incurred insurance is much cheaper and at the same time covers quite a lot.

In conclusion, while it is true that for many people, owning a home can be so beneficial for US citizens over a long period, for more people having a rented house is still the better option as there are very many examples that describe how renting a home can have benefits such as saving a good amount of money which can considerably be invested somewhere else. Before making any move, one should try and think over the financial decision that is right for their families.

 

 

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