| Choosing whether you want to rent or buy a house | | | | no rights of ownership. Any modifications must be |
| can be a major decision, after all, there will be an | | | | approved by someone else, and the property owner |
| expense over the years either way you go but you'll | | | | can often make any modifications that they wish so |
| end up with vastly different circumstances depending | | | | long as they fall within what is allowed by rental law. |
| upon which option you choose. In order to help you to | | | | The money that you pay towards rent doesn't go |
| make the decision, below you'll find some of the | | | | toward a purpose such as paying off a mortgage; it's |
| advantages and disadvantages of both renting and | | | | simply money that you're paying to someone else in |
| buying a house. Just keep in mind that this is a major | | | | order to stay in your home for another month. |
| decision, and that you should consider all of your | | | | Advantages of Buying |
| options carefully before choosing the one that's best | | | | Obviously, if you want to rent or buy a house you |
| for you and your situation. | | | | should consider some of the advantages of owning |
| Advantages of Renting | | | | the property that you'll be living on. Home ownership |
| When deciding whether you should rent or buy a | | | | allows you to make all of the decisions within the law |
| house, you should consider the following advantages | | | | pertaining to what is and isn't allowed on your property. |
| of rental property. In addition to being easier to find and | | | | Additionally, you will be able to build up equity and |
| negotiate than property that is for sale, rental property | | | | establish your home's value should you need to take |
| requires a much lower initial investment. There is no | | | | out a major loan in the future. |
| loan binding you to the property, and though you may | | | | Disadvantages of Buying |
| have a lease for a certain period of time there is | | | | Just like renting, buying a house has its disadvantages. |
| nothing else that will make you stay there after the | | | | While it's true that you'll be the owner of the property |
| lease has expired if you decide that you want to | | | | that you buy, you may be limited by the mortgage |
| move. Additionally, you don't have to worry about | | | | lender in regards to exactly what improvements or |
| many of the additional costs such as property taxes | | | | additions you make to the house until the mortgage |
| that are associated with property ownership. | | | | has been repaid. You may also find that the added |
| Disadvantages of Renting | | | | cost of property taxes and other home maintenance |
| Of course, if you decide to rent instead of buy a | | | | expenses is more than you were planning on; being |
| house there will be some disadvantages that you'll | | | | overwhelmed by these costs can be dangerous, as it |
| encounter as well. One of the main disadvantages is | | | | can also cause you to fall behind on your mortgage |
| the fact that while you live on the property you have | | | | payments. |