daunted by increases in rent or the possibility of losing the lease. You’re free to make any necessary improvements and changes. Additionally, owning your home provides your children with the assurance of attending the local schools on a more permanent basis; you never need to worry about receiving a notice from the landlord to vacate your rented house or apartment for various reasons beyond your control.
ADVANTAGES OF RENTING
It seems like a shorter list, but one man’s pro is another man’s con, and renting certainly has advantages that factor into your buy-or-rent decision.
No responsibility for maintenance.
Admittedly, this is a big one. You’re not responsible for home maintenance or repair costs as a renter. If a toilet backs up, a pipe bursts, or an appliance stops working, you don’t have to call an expensive repair person — you call your landlord or superintendent. Renters in condos, townhouses, or apartments also don’t have lawn and grounds care obligations.
Relocating is easier.
When renting, relocating for work is easier. Although a sudden move may require you to break your lease, you can partially offset the cost by subletting your apartment or discussing options 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
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