This guy was a "Renter." I'm just sayin'...
For the BILLIONTH time an article was published, this time in the Strib, detailing the pros and cons of Home Ownership versus Renting.
They summarized the Pros & Cons of renting as:
RENTING
Pros
More flexibility in moving.
Less maintenance required.
Opportunity to build credit and save money before buying.
Cons
Little or no flexibility in decorating.
No equity is built up.
No tax benefits.
Some additional parking fees might be involved.
They broke down the Pros & Home Ownership as:
BUYING
Pros
Ability to build equity.
Tax benefits.
Free to decorate and change landscape.
Cons
Less flexibility to move.
Responsible for property taxes.
Responsible for maintenance and work on the house.
Potential long-term commitment involved.
It's all well and good I suppose but as someone who at one time rented 7 places in 10 years, here's a few more pros & cons of renting.
1. DOG & CAT LOVERS
As a pet lover I found it EXTREMELY DIFFICULT to get DECENT RENTAL HOUSING that would allow me to have my dog(s). At present I have 2 Labs and a Basenji and a Cat. Two BIG Labs. I shudder to think how hard it would be to find a rental...oh and did I mention I have a 8 month old baby? Not that Landlords would ever discriminate against kids....oh no...NEVER!
2. SPONTANEOUS EVICTION
If you don't pay your Rent you get evicted. If you don't pay your Mortgage you face foreclosure. Neither one is a picnic. However, if you are month-to-month and your Landlord's sister suddenly wants to move into your place you could be homeless in 60 days. (This happened to me - in January - right after I had gotten out of the hospital for a gall bladder operation.) So if you do rent, make sure you have a SIGNED lease that affords you some protection.
3. TRAPPED!
The flip side to having a signed lease is the fact that you may want to move for a new job, a new love, a fresh start but you can't because some Moronic Real Estate Blogger told you to sign a lease...
4. I LIKE LOUD MUSIC
When I bought my first house I hooked up my stereo and turned it up. LOUD. After years of renting -duplexes mostly, it was LIBERATING to PUMP UP THE JAM without fear of someone banging on my floor or ceiling. Of course I try not to shake my neighbors windows when I get the urge to crank up Jay Z....not too much anyway!
5. PRIDE
I was surprised they didn't mention this as a Pro but in my experience the main thing First Time Buyers get when they buy their first place is an overwhelming sense of Pride. Buying a home is not easy. You have to jump through some hoops and you may be asked to make some financial sacrifices. But they don't call it the AMERICAN DREAM for nothin'. Owning your own home is something to be proud of and if you play your cards right you will create a tremendous nest egg for yourself.
6. A GOOD INVESTMENT
You have to look at owning your home long term to realize its full value. I was just talking to my neighbor yesterday and they were saying how this year their home that they have lived in for 20+ years will be paid off. Imagine that - FREE & CLEAR. If they were to sell they would get all of the $$....and that is a lot of $$! It doesn't happen too much these days and it NEVER happens when you rent. Sure you may get back a rent credit but you essentially lose all of your money to the Landlord. When you own it's like you are your own landlord - you are paying yourself.
Okay you got me...I am biased. I sell Real Estate. Obviously I think they Buying is better than Renting. But I am also honest when I say that not everyone is in a position, or has the desire, to buy a home, and that's cool. I respect that. I just wish I would have gotten on the ball when I was younger, as opposed to buying my first home when I was 31. If I knew then what I know now...and remember all work and no play makes Jack a dull renter!
"Honey! I'm Home!"
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