Ask Your Appraiser

Renting vs. Buying
December 20th, 2013 8:42 AM



I read an article and most people see buying a home as part of the "American Dream" while others still see it as a nightmare.

Here were some of their reasons why this article explained owning a home is a nightmare:

1) Even after paying off the mortgage, you're still left with property taxes, HOA fees, home insurance and other mandatory costs which make buying a home a nightmare.

2) You must consider every single penny you spend in direct or indirect relation to the home.

3) You're locked in on the home. You may want to sell it in 10 years but if no one buys it, you're still responsible for the mortgage payments etc.

4) There is no guarantee of a "permanent home" with home ownership.

5) Homeowners are responsible for the cost of all repairs and upgrades.

Comments shared: 

"I have a great home. It's been on the market for almost 3 years. It's in a suburb, great schools, but no luck selling. It's been a real pain. I have a condo that I rent as I relocated. I love it!! No worries about repairs, great neighborhood. So far, I have owned a few homes and I have reaped no benefits. I don't know if I will purchase another home."

"The experience of renting is NOT the same as owning. I have a private back yard that I can landscape. I have a garage that I can work in. I have a basement that I can finish. And the rest of the house can be decorated/remodeled as we see fit. And I can play music as loud as I want to. None of which was true when I rented. Certainly these are benefits that many are willing to pay a premium for".

Again, this was based on an article. It doesn't make any of this fact, but I thought it was interesting to share how people are shifting from wanting to own a home, to being comfortable with renting. What's your perspective on renting vs buying?

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Posted by Michael Anthony on December 20th, 2013 8:42 AMPost a Comment

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