Eddie Hoskins - Hoskins Realty, Inc | 508-317-6045 | ed@hoskinsrealty.com

Posted by Eddie Hoskins on 10/9/2017

Renting offers freedoms that can save you big in the short term. When you rent, you can also lose a lot of freedoms that you might enjoy if you owned a house. But, first for the freedoms gained while you rent.

Freedom trade offs that could put home ownership on top

Topping the list of freedoms gained from renting is the ability to have maintenance and repairs performed on your home without having to shell out a single cent to pay for the maintenance or repair work.

When you rent a house or an apartment, a professional cleaning firm might sweep and clean the exterior of the property. During hard snows or other harsh weather, you won't have to pull out snow blowers and garbage bags and clean up snow, leaves and other debris.

You might even get lucky and rent a property right when the interior is being upgraded. That would give you the chance to live in a modern home without having to cover interior design or construction charges.

The above freedoms can yield hefty savings. In the short term, those savings can surpass freedoms that you give up as a renter. However, over the long term, those freedoms can pare compared to what you could gain as a homeowner.

Freedoms that you can gain as a homeowner impact your entire family. As a homeowner, you can add rooms to your house, turn a bedroom into a kitchen or turn a finished basement into a gym. Relatives and friends can also stay at your house for as long as you allow. There won't even be a need to clear long term guests stays through a landlord or an apartment manager.

Pay off your mortgage and you will have equity. Also, each year, whether your house is paid for or not, you can deduct homeowner expenses on your taxes. Most of all, after your mortgage is paid for, you can stop making monthly home loan payments. You could also sell your house for a profit.

Dancing between renting and owning a house

The only time when you might have to pay for general maintenance and repairs as a renter is if you rent your home from a bad landlord. Although your landlord might be legally required to cover the cost of the repairs, if you linked a rental deal with a bad landlord, needed maintenance and repairs might not get done.

Just so that you can live in a safe home, you might buckle and pay for the maintenance or repairs yourself. Outside of that situation, as a renter you should generally be free from paying for typical housing repairs and general maintenance.

But, that doesn't mean that you will be totally free. Because you don't own the property,you might not be able to hang heavy, original art pieces on walls. Repainting rooms, installing new carpet and upgrading cabinetry are other changes that you might not be free to make.

Yet, it's the biggest no-freedom area that you could regret giving yourself years into renting. You might not think about it at first glance. But, if you rent, you will likely never own the property. Generally, you would have to buy a house and rent another property to have equity pass to your children. You'd also have to keep paying rent. Years of paying rent could end up costing you more than you would have spent had you owned a house.

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