home ownership

Why Renting is Almost the Same as Buying in Today’s Market

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If you have ever heard from disturbed and perturbed homeowners who commonly lament that they feel like they are merely renting a home from the bank as opposed to their wiser friends who choose to truly rent a home and not be subjected to the ins and the outs of home purchase, there are ample reasons as to why. First and foremost, a home is supposed to be an investment, however when owners are dwarfed by costly repairs, dropping home values and banks that seemingly don’t really care about them, many times it is similar to renting a home, which would, in the end, cost a lot less and have no apparent contractual long term strings attached.

How the Numbers Stack up
Here is a good way to compare the costs. Let’s say you bought a home at a decent average interest rate of say eight percent on a thirty year fixed note—in the end you pay roughly a hundred or so grand in interest on a four hundred thousand dollar home.

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To Rent or to Own: The Pros & Cons

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If you are in the market to buy or rent a home, there are some things that you will want to consider. Both sides of the coin have several pros and cons, which can help you to decide which choice is right for you. And considering the current state of the real estate market, there are more pros and cons than ever before when looking into these options. Home rental can be a joyful experience, if you find the right home and the right landlord. But home ownership can also be rewarding, even when home values are declining. Take a look at some of these pros and cons and see which option is right for your situation.

The Pros of Home Rental
Renting a home has several pros. First you will not have to pay property taxes on your home, which will save you some money each year. You are not responsible for the home upkeep, or general maintenance, and you do not have liabilities that are commonly associated with home ownership. When you rent a home you can sign a lease and you are not bound by a home loan or mortgage.

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