Benefits of home ownership vs. Disadvantages of renting

[Vicki]

If you are facing the decision of should you keep renting or buy your own home here are just a few facts about owning and renting you might want to consider. The benefits of owning your own home: Significant appreciation and wealth building opportunity
Generally known as the best investment one can make
Locked in monthly payments for a specific term
Tax deductibility of interest and taxes
Pride of ownership; sense of community

The disadvantages of renting:

No appreciation
Rent usually increases annually
No voice in management
No tax benefits
No pride of ownership
Cannot alter interior of renal units
Subject to sale requiring renter to move

Yes there are some advantages to renting for example you are not responsible for repairs but that can also be a disadvantage having to wait on your landlord to have things fixed. In my opinion home ownership is a better choice. Let me know what you think.

[homealone]

Let me start off by saying WELCOME to New House Flip Vicki, glad to have you here with us.


Here is something else to consider as well. While renting if something should happend to the home the owners or manager takes care of the problem where as if you own the home anything that goes wrong you have to take care of it yourself.

Personally I would much rather own a place because then it is YOURS and you have free will to do as you please. Though while renting there are certain things that you can and can not do.

I only mention this because my old man is buying a house and it seems that as of last year a lot has gone wrong with the house. Things that he now has to pay to get taken care of.

[luv2flip]

Some other disadvantages of renting is you can not always paint any color you want , a lot of the time you are stuck with white in every room, you can not add on or do anything else you would like .

Another advantage of owning is for someone who loves animals, and wants them you can have them with no questions asked.

[flip_it_fast]

Welcome Vicki, glad to meet ya here!

In my opinion there are big advantages of home ownership over renting. In my eyes it's not really even a contest.

You guys made all of the most valid points on each and just from that it's fairly clear that the advantage goes to ownership.

I've done both and I will take ownership any day lol!