What are the pro's and con's of renting/buying a home?

Kenneth Thuesen: Buying Pro's: ~You can do what you want to with the house. (add on, paint it, remodel it, update it)~You will build up equity over time. This means you can make a profit when you sell it.Buying Con's:~You need to have good credit to get the loan.~You are responsible for taxes, homeowners insurance, and maintenance~You are committed to the house for long-termRenting Pro's: ~You do not have to pay homeowners insurance, taxes or the upkeep other than basic cleaning. ~You might have to repair something you broke (windows, locks, holes in walls, etc.), but the overall maintenance is the responsibility of the landlord or owner. (like AC/Heat unit repair, plumbing, roof leaks, septic tank drainage, exterminators, wear and tear)Renting Con's:~You can't do anything like remodel, paint, replace carpeting/flooring, add on to it, without permission (If you do, it only adds value to something you don't own. Sometimes a landlord/owner will allow you to do things and w! ill reduce the rent in the amount of $ for the upgrades.)~You are paying monthly payments and it doesn't go toward the purchase of anything. No equity is built up for you.~You still need to get 'renters' insurance to replace your own belongings in case of fire/flood/other disasters....Show more

Robin Marchione: i in my opinion think of procuring is nicely suited. they're extra no longer expensive than ever till now, there is distinctive them on the marketplace and extra everybody is keen to take real looking expenses for them. it particularly is definitely a clientele marketplace. despite if it wasn't certainly one of those good marketplace for procuring a house, you build fairness making money on a house that the two you will sometime very own, or be waiting to re-sell for extra money after the economic device recovers. till this final three hundred and sixty 5 days while the housing marketplace bypass so undesirable, you in no way lost money on a real supplies inves! tment. numerous years down the line once you are going to be a! ble to desire to make a transformation or flow: Renting you have gave you cash to somebody else and that they nonetheless very own the domicile. procuring you nonetheless very own the domicile and could incredibly much constantly come back the money you paid in direction of the own loan. execs-Cons: in case you very own the domicile you need to hold insurance and do upkeep. in case you employ, you nonetheless pay renter's insurance, however the owner many times does upkeep. you're nonetheless extra effective off to possess in my opinion. The final domicile i offered I paid a million/2 what it may fee according to month for own loan than i could have for employ in an identical section. I bought it for 2 times the quantity i offered it for. All I did became into paint the interior....Show more