Is Home Ownership Right for You: The Conflict of Renting and Owning

A large number of people that are renting today are doing so because they will not qualify for a loan to buy a house.  This is not to say that there are not people out there who enjoy renting because there most certainly are.  There are benefits that come with renting an apartment or condo that are more appealing to some people rather than having your own home.

For starters most houses you buy will need to have upkeep.  This goes for the cosmetic aspect of both the inside and outside of the house.  You will not be able to call the landlord or the leasing office to have an issue scheduled to be taken care of.  When you are the owner of where you live you will need mow the lawn, rake the leaves, and shovel snow.  If you are someone that does not like to do these things than perhaps you were born and bred for apartment life. 

The biggest issue that comes to mind when thinking about renting and buying is the monthly payments you are making.  When you buy a house you have an option to build equity which can be borrowed against should you need or want to in the future.  When you are renting you are throwing this money to the leasing company and you will never in any way see it again.  This is not even a remote possibility so you are basically kissing that money goodbye every time you drop your rent check off at the leasing office. 

Some people are just not made to be home owners.  If this were untrue than we not see the staggering amount of people living in urban areas who are renting very little space for large amounts of money 12 times a year.  However, with the suburban sprawl that has been ignited over the last several decades we are seeing that buying a home is on just about every bodies mind.  Even though an apartment can be the more convenient of the two, in the long run owning a home is one of the greatest investments you will ever make.