Renter disadvantage: Renting a home puts many more limitations on what you can do — if anything — to change or improve the look of your home. Structural and even decorative improvement decisions belong to the property owner and you’ll need to obtain special permission to make any changes, even painting. 7. Community and roots. Homeowners generally stay in their homes longer than renters do (many tend to think of homeownership as more permanent and renting as temporary), and are therefore more likely to get to know their neighbors, feel a part of a community, join associations or committees, host get- togethers, and volunteer. Renter disadvantage: Renters are much less likely to do these things, as they o ft en view their situation as temporary. DISADVANTAGES OF BUYING A HOME Yes, there are downsides to homeownership — some that buyers aren’t aware of, or don’t think of, and others that can scare people away from making the plunge into homeownership. 1. Maintenance. Perhaps the homeowner’s biggest disadvantage is the renter’s biggest advantage: maintenance. Of course, if you purchase a home, it generally includes homeowner’s insurance, which includes disasters, fl ooding, and protection against the ft . But generally, your everyday maintenance items come out of your pocket as a homeowner. Maintenance and repair can be as simple as redoing your baseboards or replacing a window, or as extensive (and expensive) as replacing a plumbing system or furnace. Th e expense will vary from home to home, and from year to year; however, generally, you can expect to pay about 1% of the value of your home annually toward these expenses. Don’t forget about your property too — basic gardening, lawn care, landscaping, spring and fall 12
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