How did you go about it? Or, what’s your plan? Do you rent/plan to rent, buy a home/plan to buy a home? Why?
Here are some pros and cons I’ve gathered about each.
No property taxes Don’t have to pay for maintenance (mow the lawn/plow the driveway/replacement of heating systems) No major commitment of paying the mortgage (in the case of getting retrenched, just move & rent a cheaper place. No risk of default and taking a hit to his/her credit score) Not tied down, able to move without much hassle (such as selling or finding tenants – might damage your home too) Locked housing expenses per month(depends) – Know how much you are going to spend on housing each month Renter’s insurance – more predictable and significantly cheaper than homeowner’s insurance
Might have to move suddenly (landlord decides to sell the property/turn apartment into condo) Rent could be bumped up to more than what you can afford (each time lease is up for renewal)
*In desirable parts of town, rent increases can be steep
Not building home equity
Owning a home
Building home equity Fixed-rate mortgage (monthly payments will never increase)
Uncertain monthly housing payments (next month might need to spend an additional $$$ on a new roof) Homeowners insurance Property taxes and insurance premiums probably will increase Home can lose value (major employers leave the area, population decline and surplus of housing)
With this in mind, what if there’s a way to combine both? Aka rent-to-own. Thoughts?
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