RentToOwn-HouseFinder.com

what is the difference from living in a house you own to a house you rent?

what are the disadvantages in living in a rent or own house? what are the good things about renting or owning?

Public Comments

1. We quit paying rent and bought a house 9 years ago. Soo glad we did! The value has gone up and our payments are still what they were 9 years ago. I got a FIXED rate mortgage for 30 years.
2. The disadvantages of renting a house is that you are always paying money but your not owning the house. At least when you own the house you can pay it off and know that you can keep the house. The worse thing about renting a house is that the owner can kick you out of the house whenever they want to. The good things about renting a house is I guess if anything goes wrong with it you can complain to the owner and he will fix it. When you own it you have to fix it yourself.
3. When you own a house you can make money when you decide to sell it. When you rent your money is gone forever you're just making a rich landlord richer.
4. Renters dont necessarily have to upkeep in the value of the property. Renters also dont pay property taxes. Renters in most states dont pay for certain utility expenses. On the flip side, landlord/properties owners have much more economical clout. Property landownership , is a very valueable material wealth to have established. One can always borrow on the equity/value appraisal at market index. However, owners have greater responsibility for the property. "To whom much is given, much is expected." There is also all types of necessary insurances an owner would be expected to carry. Owner/Landlords are mandated by the state of property ownership. A really good perk!.>>> Owners always have despensable cash flow, especially if they have rental properties.
5. you can't remodel a rental, your rent will go up every year and you still won't own it,
6. You really have to watch the market. In general, when you buy a house, you build equity and the house gains value. It's almost like having a high interest bank account. When you rent, you never see any of that money again. However, if the cost of the mortgage is very high compared to the cost of renting, sometimes it's better to take that extra money and put it in stocks ahead. For the first few years on a home purchase, you are mostly paying interest to the bank, not earning equity. Plus you aren't spending your money on maintenance when you rent. If the toilet breaks, your landlord fixes it. If the siding needs to be redone, not your problem. Plus you're less tied down. If you decide you hate your job and want to move to Tahiti to become a cocktail waitress, you don't have to worry about your house. Just put your stuff on Craigslist and buy a plane ticket at the end of your lease. If you bought your house three years ago, you have lost money. If you buy at the bottom of this housing marking, you stand likely to gain. The interest rates are great right now as well. Buying a house will mean that you have to keep it maintained and that all problems are your own, so make the decision carefully. It means you really want to stay in the area for awhile, or would be willing to be a landlord if you want to lease it out. Selling in under five years is usually not a good financial move. I'm trying to make the final decision now, and I'm leaning towards buying after renting for six years.