ADVANTAGES OF RENTING
It seems a shorter list, but one person’s pro is another person’s con, and there certainly are advantages to renting that should be factored into your buy-or-rent decision. No responsibility for maintenance. Admittedly, this is a big one. As a renter, you are not responsible for home maintenance or repair costs. If a toilet backs up, a pipe bursts, or an appliance stops working, you do not have to call an expensive repair person — you just call your landlord or superintendent. Renters in condos, townhouses, or apartments also do not have lawn and grounds care obligations. Relocating is easier. When renting, relocating for work is easier. 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 are a renter, that is not your problem. If you are an owner trying to sell — it is.
DISADVANTAGES OF OWNING
Maintenance. The renter’s largest advantage might just be the homeowner’s major disadvantage. While insurance might be available to protect against expense from major catastrophe, usual maintenance items are on the homeowners’ dime. Maintenance and repair can be as simple as repainting the baseboards and can also be as extensive and expensive as replacing a HVAC system or sewer pipe. The expense will vary 19
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