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My mother in law and I were talking about the differences here, we are both happy her youngest girl is finally in a home now rather than an apartment, but its not the same when you rent. We have been busting ourselves to get our house "right" you know the one that takes years to do, and then the sis rents. :confused:
If you're only going to be someplace on a temporary basis, but.... it is still your home... house or apartment. I rent apartments & they are definetly someone's home. I've rented & I own. I like owning better.
Unless a man or woman is capable of maintaining it herself like cutting the grass, painting, they are better renting.
The reason being that a house will always being a on going project (even new) and they will have to have the means to pay someone else if they cannot do the work themselves.
Financially owning a home is a good investment providing that is structurely sound.
I own a home and I am happy with owning. However, it is very difficult to maintain it especially when the man of the house doesn't even know how to change a light bulb. It is a challenge to find people to fix the little things because all contractors want to do jobs that pay more than $3,000.
There are many people in our country that probably wished they had rented instead of buying as the houses they are in are worth far less than they paid for them. Until recently, purchasing a home has most always been considered a good place to put your money. If you have to borrow money, you then have to consider interest and closing cost along with the apreciation of the property to determine a viable return.
Renting carries no direct monitary return, but does leave with you more time and less surprises. If your time is very valuable then renting makes more sense. If your time is spent on hobbies and interests such as most of here on countrybynet than renting, other than to save enough to bring down finance cost, would not make sense.
In times like these when people look back at what they have put into thier houses, considering property taxes, interest, maintainence costs and improvements and the time spent on the latter, it sometimes seems it's not worth it, especially since taxes have increased since 2004. Over the long haul however buying a home is the more sensible option almost everywhere
I have my own house and maintenance and upkeep is not so demanding. But with recent developments, I appreciate the principle of some people who opted to rent rather than own.
There are lots of factors that go into that choice---lifestyle and temperament are big ones. A professional person may not have time or energy for a house, and others just have no interest.
I agree their are pros and cons to each side of this. I have found a happy medium in that I own my own condo. It is kinda like an apartment with people too close to me and I like I don't have to worry about the outside things like the grass and snow. But all the indoor is my responsibility. We are looking for a house with some acres now though.
I love the fact that I own my house and land and that I can do whatever I want with it. The down side is paying for it when something breaks. I have spent a lot of time renting and I didn't enjoy it as much.