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The Pros and Cons of Owning and Renting Homes

The choice between renting and owning homes is usually based on the budget. But there are actually many more issues you should consider. For instance, when you are renting you may be free from the responsibilities of maintaining the place but you also cannot add anything that you want into the unit. But then again, when it comes to ongoing maintenance costs, renting is usually favorable. However, investing on a house may prove to be a good choice. You could live in it for 3 to 5 years and sell later on with a profit. This is the usual scenario in a flourishing real estate market because properties appreciate in value. You increase equity overtime so when you sell you really gain from the sale. But in a market where market values are plummeting, you are really at a loss because your mortgage balances are even larger. In this circumstance, renting would have been a better choice because you will not be tied to a big debt. You can simply leave when you want to get a new home or rent a bigger place. As long as you settle your bills and rentals, you are no longer tied to the unit so you are free to go as you please.