Your Home – Owning Vs Renting
Many people often wrestle with the debate of whether to purchase a home, or to rent one from somebody else. Renting is very attractive, because it allows you to pass off the responsibilities of home ownership to someone else, which often includes major expenses. However, money paid out in rent does not go to something that will build equity, such as real estate. There are also several other major benefits to home ownership.
You do not need the permission of anyone else to make modifications to your own home. When you rent, you will need to contact the property owner or property manager in order to make changes. These changes include installing safety equipment, painting, removing or modifying walls, or making other aesthetic improvements. Sometimes, apartment managers will deny any change, regardless of how much it might improve their property. Their interest is in keeping all of the units the same.
Owning your own home also offers a level of privacy that an apartment or town house cannot compete with. In most states, Landlords must notify you before entering your home. However, they generally do not care to modify their schedule to a time that is convenient for you. This can be very bothersome if they are bringing a cleaning or Maintenance Company by, and can eat into several hours of your personal time without you having any say in the matter.
Most homes are also much farther apart than the typical apartment or town house. This, of course, does not include condominiums. However, most condos that are designed for individual purchase are built out of much higher quality materials than those intended for rental, and will therefore experience a significantly less amount of cross-noise.
As discussed before, home ownership is a major personal financial investment. You can view your mortgage check each month as an investment, instead of money gone “out the window.” A home will most likely gain value each year, so when the time comes to sell it and move on, you will come out ahead. In this even, you also have the possible option of keeping the home and using it as your own rental property, putting money in your pocket each month.