Realty.com » Resources and Services

Login • Register

Resources and Services

Consumer Guides

Renting or Buying: Advantages and Disadvantages

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 lists to see how your situation fits in.

Renting
* More fixed costs for the term of the lease
* Not gaining equity, but not losing it either
* When the lease is up, you can just move
* There is generally less work in maintaining a home or apartment
* Smaller amount of “up-front” cash
* No matter what happens with the value of the home, you will never gain equity
* Limited--or no--ability to personalize your living quarters
* No tax advantage to renting. Your landlord gets any and all tax breaks that are available

Buying
* Variable costs
* Equity may go up, down, or stay stagnant
* If you want to move, home generally must be sold
* Work needs to be done by you--or paid for by you
* Generally a larger initial investment--the downpayment
* Over time, the mortgage balance decreases and equity builds, even if the value of the home does not increase
* The ability to remodel and redecorate the home to match your needs and desires
* There can be tax advantages attached to home ownership. Consult competant legal and/or accounting advice for details for your situation

This article courtesy of The Home Buyer’s Information Center, a complete guide to buying a home. 2002

More Popular Entries

Additions & Remodels

Remodeling Opportunities in the Kitchen
Details Make Home Offices Work
Reinvent Your Home

Agents (Real Estate), Appraisers & Home Inspectors

Condominiums
Glossary of Real Estate Terms
House Buying Mistakes

Appliances

Installing Appliances
Selecting Major Appliances
Repair Dishwasher and Water Damage

Builders (New Homes), Architects & Designers

Taking the Mystery Out of Kitchen Design
Workout Room
Appraisals

Carpentry & Cabinets

Tip: Dealing with Dryrot
Cabinet Options
Tip: Repair Laminate Countertops

Cleaning Services

Carpet Care Tips
Ways to Clean Your Carpet
Choosing a Carpet Cleaning Service

Concrete, Brick & Stone

Taking Care of Your Chimney and Fireplace
Wunderbar Rebar!
Repair Cinderblock Foundation

Consumer Guides

Wall and Ceiling Cleaning
How to Hire a Plumber
Upgrade for the Future

Design Ideas

Skylights
Add a Hot Tub to Your Deck
Stylish Entry

Electrical, Telephone & Data

Saving On Electrical Repairs
Convenient Electrical Fixtures
“Install Switches, Outlets and Fixtures”

Expert Advice

Cost of Siding
Workout Room
Pouring Concrete Driveway or Walkway

Flooring

Carpet Care In Depth
Steam Cleaning Grout
Choosing the Best Carpet for Your Home

Handyman Services

Avoiding Home Repair Rip-offs
Some Assembly Required
The Benefits of Weatherstripping

Heating & Cooling

Tip: Programmable Thermostats Can Save Money
Environmentally Friendly Solar Heat
Checklist: Cleaning the Air in Your Home

Home Construction

More Return on Your Home Improvement Investment
Checklist: Recommended Questions to Ask a Contractor
Do-It-Yourself Compared to Hiring a Pro

Landscape, Decks & Fences

Different Styles of Landscaping
The Right Barn or Shed For You
Picket Fences Add Charm

Moving & Storage

Some Assembly Required
Preparing a House for Sale
Stowing it Away: Where to Put It

Other Services

Tip: Radon Testing
How to Bring a Sauna Into Your Home
Mold in House

Painting & Staining

Lead Paint Common Sense
The Basics of Interior Painting
Checklist: Interior Paint Prep

Plumbing

Tip: Saving Money on Plumbing
Find a Water Treatment Service
Installation of Various Sump Pumps

Quick Tips

Tip: Repair Your Own Roof
Tip: Radon Testing
Checklist: Increase Curb Appeal

Roofing, Siding & Gutters

Time for a New Roof?
Modern Roofing Options
General Roofing Information

SP Feature Article

The Internet Will Change the Buying of Services

Walls & Ceilings

Tip: Prepping Before Wallpapering
Acoustic Ceiling Cleaning
Wall and Ceiling Cleaning

Windows & Doors

Thermal Replacement Windows
Choosing Between Blinds or Shades
Know the Kind of Custom Window You Want

copyright 2008 Realty.com