Will you Rent or Own?

Will I rent or own? That is a question that is asked every day by many people that are thinking about striking out on their own and getting a place for themselves. There are so many options that it can be difficult to know if you should pay a monthly fee and rent from someone or if you should buy your own place and have something like that for the long run. This article will touch on just a few of the reasons that they both have for being beneficial in their own way.

I know that when I was young and I moved away from my parents house and got married that we rented a few places before we were able to move into a home. It was not so bad renting, although at the time we weren't building up any equity into something long lasting we were still able to make our bills and have something left over at the end of the month. We also didn't have the maintenance and upkeep that is necessary when you own your own home, so that was a definite plus. I have since remarried and I now own a home. It's great to see that the equity is building and that, if necessary, I can cash out and walk away with a nice chunk of change in my pocket, this would never happen if I were still renting. Like I said, however, there is the maintenance and upkeep of owning your own home. For example, a couple of months ago our AC unit broke down and it needed replaced. It costs a couple thousand dollars to replace it and that was something that if we were renting would have been taken care of by the owner. There are many example like this, even down to things like painting and lawn maintenance.

There certainly are a lot of things to consider when you are deciding to rent or to own your own place, but it all boils down to what you are able to do, and what your future goals are. If you enjoy moving from place to place and not really being tied down then renting will probably work well for you, but if you like the security of knowing that you can do anything to your place that you want in the way of improvements, and if you are handy, then owning your own place is something you should look into.

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