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 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 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.
DISADVANTAGES OF OWNING
Maintenance. The renter’s most significant advantage might be the homeowner’s major disadvantage. While insurance might be available to protect against expenses from significant catastrophes, usual maintenance items are on the homeowners’ dime. Maintenance and repair can be as simple as repainting the
26
Powered by FlippingBook