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Week 6 DQ 3 - build equity on a rental Advantages to owning...

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There are both advantages and disadvantages of renting a home vs. buying. One of the advantages to renting, you do not have to fix things that have failed. An example of this would be the heater, if the heater goes out you call maintenance or the owner of the house and they either fix or replace it. If this fails in your house, this is a huge expense that many people are not prepared for. Most recently my sister’s heater went out and her being a single parent in Colorado this was a huge burden on her. Another advantage to renting an apartment is grounds keeping. If you do not own a mower and tools to maintain your yard, this is generally figured into monthly rent. Also, some apartments include utilities within the cost of rent. Disadvantages to renting include, surrounding noise, noise restrictions, restricted space, you do not
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Unformatted text preview: build equity on a rental. Advantages to owning a home are to be considered. Owning a house means building equity (hopefully), tax write offs, more space, more privacy, no decorating restrictions (painting restrictions), a sort of freedom, Disadvantages when owning a home to consider are, responsibility for all expenses, utilities, failing appliances, possible HOA expenses, HOA rules, yard care, home owners insurance, although some apartments require rental insurance. The list of disadvantages goes on for owning a house, but the list of advantages goes on as well. I believe that if you are up to it and can afford it, owning a house is a good idea. I own my house and love the freedom it gives me. I own a low cost property and it fits my budget, one day when I feel I can afford more, I will consider something a little bigger....
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