The Pros and Cons on Owning and Renting a House

Posted on 19/08/2010

The decision to rent or own a house can either be a matter of preference or affordability. For instance, if you want to be a free soul you might prefer renting because you can easily leave when you need to. For instance, when you need to relocate for a job opportunity you can easily do so without delay or hassle. This would even be ideal if you don't have a family yet. It's also more affordable than having to pay a mortgage. On the other hand, having your own home provides more stability. If you have a family, this is quite important. At least, you know where to bring your family. While it will cost you money, you will also get tax benefits against the monthly payment of the mortgage loan. And you would feel where your money is going to. After repaying your loan, you will gain ownership of the house. You get opposite when you rent a home. The burden of repaying the loan is worth it after some time. And while there would be additional costs, buying a home might prove to be worth it if you truly like to live in the area for a long time. Anyway, you can also resell it should you need move to a new place.