Owning Versus Renting

Ah, the joys of renting your first apartment. You've finally moved out of your parents' house, and you're feeling pretty great because you're finally on your own for the first time. No more having to tell your parents where you're going, where you've been, etc. You can come and go as you please! However, when do you reach a point where you decide that you no longer want to live in an apartment?

There are a ton of perks associated with renting an apartment. For starters, renting may be seen as better than owning a property because when you rent a property, you don't have to worry about paying property taxes, etc. Additionally, renting allows you to be more nomadic. For instance, if you just landed a new job but suddenly decide that you want to move into a bigger apartment or even to a different area entirely, it is much more seamless to do so while renting. Also, if for whatever reason, you can no longer afford to live at your apartment complex, or something happens where you suddenly have to pack up and move back home or elsewhere, it is significantly easier to walk away from a rental versus a house.

Both owning and renting indicate some level of responsibility. However, owning a property places most-if not all of the responsibility on you. When your name is tied to a piece of property such as a house, you cannot simply 'walk away? whenever you feel like it. Rather, you need to realize that you made a commitment to accept responsibility for that property. If you want to give up or pass your responsibility onto another home owner, then you must then focus your efforts on selling your house. However, selling your house is not always as cut and dry as you may think it should be. Selling your home involves getting the bank involved as well as lawyers, realtors and other homeowners. The bottom line is that it takes time to sell a house. Seldom will you ever hear of someone putting their house up for sale and then selling it within one day. Negotiations have to be made and monies have to exchange hands.

Given the current housing market, many people are opting to rent versus own. However, for those lucky enough to have a comfortable amount of money saved up, buying a house is always a great option-especially now when prices on homes are extremely low. Many experts speculate that while we are in a slow time for the housing market, this is as bad as it will get and prices will only go up from here with more people buying houses. No one knows for sure what direction the market will take or how long it will take the housing market to get back into full swing. But the fact remains that if you can afford to purchase a house, then it's generally a good investment.

Buying a house is usually the second major purchase that a person will make in his or her life. The first is buying a car. When considering buying a house, some things that you will definitely want to think about include your credit score and how much money you have saved up.

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