Should you Buy or Rent a Home?
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Are you Thinking About Buying a Home?
Like many people over 50, I have been a renter and an owner. I am here to tell you that both have advantages and disadvantages.
When you rent, you may feel as if you give up some freedom, privacy, and pride of ownership. On the other hand, you have less responsibility. Beyond paying the rent and keeping the place livable, you can pass many problems on the your landlord.
The landlord needs to pay taxes, pay for major repairs, and probably even do some of the major upkeep. You pay your rent, perhaps have renters insurance (which is usually cheap) to protect your personal belongings, and you are done!
The Cost of Home Ownership
However, we are seeing some very inexpensive mortgages advertised these days. It may seem Wcheaper to own than to rent, and that way you get to build equity in a major asset. Right?
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Well, I am not sure that owning is usually cheaper than renting when you consider everything. Consider the monthly mortgage payment. But also consider property tax, homeowners insurance, repairs, and upkeep. You wil also probably need a down payment to qualify for a mortgage these days.
If you do choose to buy after you have weighed all the costs, consider being conservative in your home choice. A smaller and cheaper house will also probably have lower property taxes, homeowners insurance, and other bills!
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