Do you rent or own a home? What are the pros and cons of both?

Answer 1

rent = giving away money
own = not giving away money
mortgage = paying off a home to eventually own it

self - explanatory

Answer 2

2

Answer 3

Own. I'll just put the pros and cons for owning since you can see the flipside here as well.

Pros - if you have a mortgage, good for your credit due to the regular monthly payments, interest is tax deductible, after a certain amount of time, the amount of rent becomes more than your mortgage payments then it's really worth it to own, can't make big permanent changes

Cons - hard to move to a new place as it requires planning, if you rent out (it could get damaged, the deposit might not be enough), in many places, rental is cheaper than the monthly mortgage payments

Answer 4

I've rented for years. I really need to buy cuz I've discovered with renting you can't do fix ups or remodeling. All the little stuff has to be pre-approved by your landlord: Painting whether major or touch up, adding some fence, owning pets, lawn care(like gardening). The money you pay for rent can be used to pay your house payment. I think you do have a few added expenses like home insurance, mortgages, etc. Not to familiar on the buying part, but I know that's what I really need to be doing. Good Luck!

Answer 5

Here is a con: A couple I know rented their house for 30 years. They like the fact that someone else was responsible for the repairs. The lady of the house they rented died. They were given 30 days to move out by the people that inherited the house.

Pro for owning. No one can through you out but the bank if you don't pay or the state again if you don't pay your taxes.

Answer 6

I own a home. I don´t see a pro at renting a home ( only when you´re going to live a short time in certain place ) at the end is money that goes to the trash because you re paying for a place that does not belong to you and will not belong to you. ( It´s cheaper to live in a hotel, but it´s more difficult ) I´m not saying going to live to a hotel instead of renting a house but in a certain amount of time people realizes that if they would inverted 10 or 15 % in buying a house the house would be of them ! and not sending the money to the trash when you don´t have money to pay the rent then what ? you would go to a cheaper place, but the money that you inverted in renting that house goes to the trash.

Answer 7

the pros and cons of renting is. One with renting will not build up equited in the house. But your landlord is responible for the gas,electric,house payment, and upkeep of the property. the pros and cons to own your house is. basically everthing the landlord did in the first example you end up doing. Like footing the gas and electric bill , insurance, upkeep, house payment. But even with own being more of a pain in the azz in the long run you are miles ahead because. if you went like said a boat for example you can borrow against the house for the boat or what ever you want with in reason if course.

Answer 8

I rent. I can't think of any pros. I am paying someone elses mortgage for them. I know I can afford to have my own home but, the bank says differently. If I can pay $1000 a month in rent, why the hell do they think I can't pay the same for a mortgage??

Answer 9

I own my home, the pros are i get to paint and do whatever i want to with this house and yard. The bad thing is if something goes bad i have to pay for it, like a new washer and dryer, new roof, expensive stuff. When i rented there were no maintenance bills such as lawn care and house maintenance.

Answer 10

Own our home. Renting sucks cause you usually have only a certain time you are allowed to live there unless you renew your contract over and over and over if the landlord let you do that. Not only that, not very often that a rental will allow you to have pets or remodel. Love it that we own it, get to call it ours. Get to do what we want with it. Have as many pets as we want. Remodel how we choose. And just make it a home.

Answer 11

I own. Renting is throwing away money, unless you want to be free to move whenever you want. When you own a home, you build equity, you can cash in on that equity or borrow against it. Buying a home is one of the best investments a person can make.