Rent or Own?
To rent or to own, that is the question on many 20 and 30 something year olds right about now. With the home buying market still at a buyer’s advantage, it’s still a good time to buy a home, but the sellers market is still struggling amidst a lot of uncertainty in the housing market, and plummeting prices.
But, what are some of the reasons that many young people do not opt to buy homes right away nowadays, as was customary back in the day?
Well, I for one, considered a few things. Renting meant that I didn’t have to worry about maintaining the structure of where I lived, nor the grounds. If something major went wrong like with the heating system, AC units, or hot water heaters, all I had to do was call my landlord who was ultimately responsible for the upkeep of the home and property, not me.
Another consideration was that I did not have to pay property taxes. However, you do have to consider that many times property taxes are a tax deduction at the end of the year.
What about the fact that when you own you don’t have to answer to a landlord, or that you can also usually decorate and garden however you’d like. These things are very appealing. To have a house, there are so many little expenses that you have to consider before you can figure out if your budget allows for home ownership or not.
