Owning vs Renting

When you rent there are rules and regulations if you want to do anything to the dwelling. In an apartment oftentimes you cannot even put a hole in the wall for a nail to hang a picture without having to answer to the landlord. And even if you don’t like the color of the walls in your bedroom you will have to get permission to change it or to put up wallpaper. The bottom line is you have to get permission to do what you want to do to your own space. So, by default, it truly isn’t your own space. And you are pretty much at the mercy of a landlord if they want to raise your monthly rent. With your own home mortgage, the payments will be consistent even though your property taxes could go up in time.

Owning your own home brings with it the freedom to renovate, paint, and decorate your own space any way you see fit. So you want to put up some family pictures on your living room walls? Bang away with that hammer and nail. Do you want to tear down that non load-bearing wall between the kitchen and the family room so that you can see and talk with your family while you are cooking dinner? Go for it. Demo away! You don’t like the paisley wallpaper that the former owners put in your living room? Get out that warm water or rent a steamer and tear that paper down! Paint it with the color of your choice and, before you know it, your stamp will be put on your own home.

Your Own Oasis

There is nothing like having your own space. You can define it to suit your needs. In effect, your home becomes an extension of who you are as a person. Your preferences in your life can be seen in your home in terms of how you decorate, what type of furniture you buy, or the colors of your walls. If you like to cook then you will tend to lay out your kitchen to complement that talent. You may want an old country kitchen with a thick butcher-block island. Perhaps you prefer granite countertops over wood and you like steel appliances over color.

The point is, with home ownership you are the painter and your home is a blank canvas. You can paint your own masterpiece to suit your life. The pride of home ownership is that feeling of contentment, satisfaction, and excitement that comes with being the person in charge of your own little corner of the world.

From the resource: “If you are considering buying a house, one of the first decisions you need to make is whether buying a house instead of renting one is the right direction for you. Since owning a home is the “American Dream”, many people simply assume that it’s always to their advantage to buy a home, and for most, it is. Take a moment to review the following table to see how your situation fits in. Items in the green boxes are advantages and in the red boxes are disadvantages.”

Source: HBIC

Read More About Renting vs. Buying a Home at Newbuyer.com

From the resource: “This calculator calculates whether buying a home is a better deal than renting. In some cases, renting may be cheaper than buying. For example, renting often requires a smaller monthly cash outflow than a combined mortgage payment that includes principal and interest, insurance and taxes (P+I+T+I) and, possibly, mortgage insurance.”

Source: Freddie Mac

Read More About Renting vs. Buying a Home at Newbuyer.com

From the resource: “(Rent-to-buy contracts) can be helpful for those sitting on the fence but shouldn’t be utilized by anyone who isn’t serious about eventually buying the home. Rent-to-buy should be made as part of a plan to own a home, otherwise it will end up costing more money in fees and above-market rent payments. Make sure the eventual purchase is driving the decision to enter a rent-to-buy.”

Source: ForSalebyOwner.com

Read More About Renting to Buy a Home at Newbuyer.com

The result is a solid analysis including payment comparison, before tax savings, after tax savings, tax considerations, investing compared to appreciation on the home, and rent versus own savings. An example conclusion is “by buying your home versus renting you will have saved $636,437.38 over the next 30 years.”

Source: E-loan

Read More About Renting vs. Buying a Home at Newbuyer.com

From the resource: “Home values declined more than 16 percent from 2007 to 2008, according to the S&P Case-Shiller Home Price national index, which compared the third quarter of each year. And while that is upsetting news for homeowners, it could be very welcome news to those who were shut out of the American Dream because prices were too high.”

Source: abc NEWS

Read More About Renting vs. Buying a Home at Newbuyer.com

From the resource: “This calculator will help you to compare the costs of renting to the costs of buying a home. Since there are all kinds of forces at work behind the scenes (interest, property taxes, tax savings, appreciation, opportunity costs, closing costs, selling costs, etc.), comparing the cost of renting to the cost of buying is a lot more complicated than just comparing the monthly mortgage payment to the monthly rent payment. This calculator attempts to forecast the net effects of all the hidden forces so you can make an informed decision.”

Source: Homefinder

Read More About Renting vs. Buying a Home at Newbuyer.com

From the resource: “If you’re a cash-challenged home buyer, a lease-to-own agreement may be a way to buy a home and accumulate a down payment. A lease-option also gives you a chance to check out the neighborhood and occupy the home before you decide whether you want to buy it.”

Source: RealEstate.com

Read More About Renting to Buy a Home at Newbuyer.com

From the resource: “Lease-to-own homes can help people who have had credit difficulties get started on the path to home ownership. If you understand what’s expected of you and what your options are, a lease-to-own property can be a great deal for you. But purchasing by this method can be tricky and should be approached with caution.”

Source: LendingTree

Read More About Renting to Buy a Home at Newbuyer.com

From the resource: “Home ownership is a great thing, but if you are not ready for the responsibilities that come with home ownership, then you might want to try rent to own homes.”

Source: Mortgage Refinance

Read More About Renting to Buy a Home at Newbuyer.com