Whether you are right out of college or you are into your ‘lived in’ years, most likely you will rent a home at some point of your life. Renting as opposed to owning a home can have its pros and cons. For some, renting is the perfect option, and for some, owning a piece of real estate is right for them at this time of their lives. Depending on your situation, financial knowledge, and comfort level let’s look at the ups and downs of renting a home.
FINANCIAL RESPONSIBILITY: PROS: The largest financial responsibility when renting a home is coming up with a deposit, security, and possibly first and last month’s rent when moving in. For the majority of renter’s this is the number one reason for renting. The responsibility of paying rent every month is a plus for many. CONS: When renting a home, since there is no financial commitment, there also isn’t the benefit of appreciating value in a home. This simply means – you will never get your money back to you when renting. While in an appreciating home market, the sale of your home can lead to great financial gain in the future.
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The Pros and Cons of Renting a Home
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