Renting or owning a home

United States
June 28, 2007 10:38am CST
Which do you think is better- renting or owning? I have read about the pros and cons for both but am still curious about what people have to say about each. Right now I rent but would like to have a house instead, since the one I'm looking at isn't much more a month than what I pay now. I know pretty much everything would cost more but I wanted to know what othe people have to say from exprience or whatever.
2 people like this
5 responses
• United States
28 Jun 07
I've had my real estate license since I was 18... and my mom has been in the business for 25 years. I have been both a renter and an owner. The perks of renting are that any repairs are usually paid for by the landlord. The downside is that you are dumping tons and tons of money into something someone else owns. You can usually save money when you own - your monthly payment is usually lower, and you are building equity in your house. The downside is that when the a/c breaks down or the roof springs a leak - you better have money put aside for that.
• United States
28 Jun 07
Yup, I thought of that stuff. That is the one down fall of a house to me - repairs. But if you save a little money, it won't hurt as much.
1 person likes this
28 Jun 07
I currently rent my house but i would preffer to own, i think by renting ur just throwing ur money away it goes no where.... If u own ur own home it's has a perpose to pay the rent u have something to show for it....
• United States
28 Jun 07
That's exactly what my thought is - why throw the money away on rent when you can own a place and if it does cost a little more, you still own it.
@Samanthavv (1386)
• United States
10 Jul 08
Owning is always nicer, but sometimes it isn't an option, or isn't a very good option. Like if you plan to move soon, then owning msot likely wouldn't be a good idea. It all depends on your situation.
@luzamper (1360)
• Philippines
5 Jul 07
If you rent, you must always have money for the payment of your rentals. If you have a house, for sure you must have spent for its purchase unless it's an inheritance and you must be prepared for its maintenance and taxes, etc. If you own a house, you cannot just leave and go to wherever you want to reside and it's very difficult to sell especially if it's dear. If you just rent, you are carefree and just go on where your heart wills. I have seen old houses abandoned and not taken care of anymore because owners went far or have somewhere to stay better than those. It's really up to the individual, to evaluate which is good. Nowadays, we can stay anywhere, there are so many places, but money is necessary.
@sunkissed (4332)
• United States
4 Jul 07
I own my house. i could not afford to rent is so high now days. i prefer owning to renting because it will belong to you. To me renting is throwing money away. when you own you can do what ever you want to the house.It is also a tax write off.It is an investment.There is no landloard telling you what you can and can not do. If you want to drmodel or redecorate you can.No one can tell you how many people can stay with you.The only pro to renting is you do not have all the up keep. If somethig breaks down and you rent the landlord has to fix it. but now days when you buy a house you can get insurance on your appliances and things so if they break down, you will only pay the deductiable to get them fixed.