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OWNING
a home brings you lots of enjoyment - having
something you can "call your own" -
something you can decorate to your hearts
desire - change when you want to - and put nails
in the walls when you please.
OWNING
your own property usually means additional
privacy - a sense of control over your own life
- and a feeling of stability - of "putting
down roots". Feelings that you just don't
get as a renter.
And then of course there are the cost
differences. When you
OWN
a home or condo of your own - it may cost a
little more in the beginning, but your monthly
payment is often less than you are currently
paying for
RENT.
As an
OWNER
- the monthly payment is less likely to increase
the way
RENTAL
rates tend to increase.
OWNING
as opposed to renting can actually INCREASE
your monthly 'take home pay' without your
getting a raise from your boss. When you own a
home, you can change your withholding to reflect
the additional tax deductions you will have as
an owner.
As an Owner, part of your monthly
payment will go towards mortgage interest and
taxes (these are deductible items.) This means
that, as a homeowner, you can receive more
money in every paycheck.
HOW MUCH MONEY ARE WE TALKING ABOUT???
Buy
Vs Rent Calculator
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When you
RENT,
the decorating is already done - and that's
great if you don't want to decorate the
place yourself. The drawback is - if you don't
like the way it's done, you are still stuck with
the colors and finishes provided by the
landlord.
RENTING,
on the other hand, gives you a relatively
carefree place to hang your hat - yet the
opportunity to 'move on' at a 'moments
notice'. You aren't 'tied' to the
location if you later decide you don't like it.
As a
RENTER,
you also have to "live with" the appliances that
are provided when you rented the place.
RENTERS
often have little say in things that may bother
you - such as rule changes, upgrades and
repairs, or the overall care/maintenance of your
unit or the whole rental complex and its
amenities.
And while a
RENTER
may not have any control over what gets done. or
needs to be done - at least, unlike an
OWNER,
the renter is also 'not responsible' for doing,
or paying for the repairs or upgrades.
In an apartment,
RENTERS
often long for additional privacy and a
little more peace and quiet. Common
complaints are that thin apartment walls
often broadcast a heated argument between the
husband and wife who live next door - and you
hear the heavy footsteps of your upstairs
neighbor who likes to pace the floor in the wee
small hours of the morning.
When you
RENT
- at the end of your rental term, you have
nothing to show for your stay except for a
large stack of rental receipts. When you
start another lease, or move on to another
rental unit, you start all over again from
square one - and are no better off than when you
started renting the last time.
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