your own house — a sense of freedom and independence. Your home belongs to you, and you can do what you want. You aren't daunted about increases in rent or losing the lease. You're free to make improvements and changes. Also, owning your home gives your children the guarantee of attending the schools in the area more permanently; you never need to worry about a notice from the landlord to vacate your rented house or apartment for various reasons over which you have no control.
ADVANTAGES OF RENTING
It seems like a shorter list, but one man's pro is another man's con, and renting has advantages that factor into your buy-or-rent decision. No responsibility for maintenance. You have a significant advantage as a renter: you aren't responsible for home maintenance or repair costs. If a toilet backs up, pipe bursts or an appliance stops working; you don't need to hire an expensive repair person; instead, you contact your landlord or superintendent. Additionally, renters in condos, townhouses, or apartments are not required to handle lawn care or upkeep of the grounds. Relocating is easier. When renting, relocating for work is more manageable. Though a sudden move may require you to break your lease, you can partially offset the cost by subletting your apartment or talking with your landlord. On the other hand, selling a home takes time and effort. If you have a short timeline to sell your home, you may be forced to accept a lower price and lose some of your investment. No real estate market exposure. Home values fluctuate and can decline over time. If you’re a renter, that’s not your problem. If you’re an owner trying to sell—it is.
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