May 11, 2010

Should You Own Or Rent Your Home

Some people are now considering the pros and cons of renting versus buying their own home. In many regions of the country home rental expenses are nearly 50% less than it would cost to get a home with a standard 30 year mortgage. A lot of people across this country are struggling with their housing mortgage payments right now and the home value rate is not getting any better at the moment.

If you are a renter then you do not usually have to worry about your house's problems other than a few basic house repairs. Most rental houses have a management service that handles major home improvements and maintenance problems. People who rent their house do not often have to pay real estate taxes, though some states do have a rental tax. The benefits of renting a home are often pretty obvious. Renters don't get to benefit from growing home values but they also do not have to worry about trying to sell a house that's worth less than the mortgage. You also don't have to rely on finding new ways to sell your home for less than it's worth.

While many areas have rental laws, sometimes landlords can stop renting to residents for no good reason. When you do not own your home then you have to remember that you are not building any kind of value in your home. Renters, unfortunately, often have limited control over their own home's upgrade projects.

Home owners usually have more freedom to remodel their homes than renters, but home owners obviously have to finance those home repairs. On the plus side, some home improvements can give you a big tax credit. Owning a house often is usually a more expensive decision in the beginning. The nerve-wracking process of applying for a home loan can be difficult for many people these days.

The choice to own or rent a home is largely a personal one. Both renting and owning a home come with clear challenges and benefits. Home ownership may let you to build up value in your house while renting might put more money in your pocket on a regular basis.

Don't think you can afford to leave your rental and buy a home of your own due to bad credit? There are actually a number of things you can do to get a bad credit mortgage approval at a fair rate. Visit our site to discover more!

Tags: home improvements, personal finances, real estate taxes, limited control, house

Filed under Bad Credit by Johnathan Worth

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Comments on Should You Own Or Rent Your Home

November 7, 2010

isshopbiz @ 5:04 pm

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November 24, 2010

News about Real Estate Investments » Archive » What is Luxury? @ 3:45 am

[...] Seth O'Byrne's Real Estate Blog placed an observative post today on What is Luxury?Here's a quick excerptAs a piece of residential real estate; is luxury a thing to aspire to?…In my mind, luxury real estate means a home (whether it is a condominium or detached single family home)…Lets continue the discussion about luxury real estate in person! Give me a ring!…The world of luxury real estate is a focus for many Realtors in La Jolla and there is a lot to be said about incorporating green sustainable technology with luxury h… [...]

December 2, 2010

asimplesinner @ 8:09 pm

I was lucky to grow up just about 5 miles from where my the street my grandparents, and three other related families lived (on the same small street in rural Michigan.)

Visiting "Garden Court" (an idealic suburban sounding name to be sure) was always fun after Church on Sundays to see no less than three sets of aunts, 5 cousins and my grandparents.

How many folks today give much thought to proximity to extended family when deciding where to buy or rent a home?

I hope this changes.

December 10, 2010

Tom Payne @ 3:40 pm

Add me to the list (but you already knew that). I love PowerOne and the iPhone. The lack of functional RPN financial calculators in the iTunes store AMAZES me. You guys have a great product – It needs to be in the iTunes store!

DITRHomes @ 10:34 pm

Realogy CEOs, FHA Commissioner at Real Estate Connect: The real estate conference is now only a mont… #realestate

December 19, 2010

financetude @ 9:32 am

Steve – This is a potentially great way to buy a house for much less than it is worth, but check the terms in your area first.

You may potentially be tying your money up for a year, as in many cases, the home owner has up to a year to repay you. You can earn nice returns during that year but you cannot rent the home or make any improvements during that time.

It may cost you a lot of upfront money to purchase the tax lien which, in turn, means that money is tied up so you need to make the purchase with money you can do without for now.

In addition, my recommendation is to never buy a tax lien on a house until you have visited it. This rule is not always followed but personally – I would never buy site unseen.

January 5, 2011

Anekantavad @ 1:21 am

February 19, 2011

philly @ 4:37 am

i make enough to most definitely live beyong my means, in the sense that i do not need all that i use and have. i commend those with lower incomes who save and stick to it, awesome, but dont let those financial calculators disappoint you, your probably already doing a great job budgeting with the lower income as it is. the whole retirmenet scene is a mixed bag, like mentioned below, calculators dont paint the whole picture, and you usually have more options than it seems.

but save anyway, we can always have too much money to spend in retirement, isnt that the idea?

March 9, 2011

Last Added PDF eBook Collections @ 12:41 pm

Vicinno BA Pro and 12C Financial Calculator App now on Mac App Store –

April 8, 2011

Ping.fm @ 8:04 am

Pros and Cons of Prospecting in Network Marketing with Scripts

May 27, 2011

Former Federal LEO @ 11:30 am

Today’s article in the Denver Post. This is a good history of another disaster created by then-Secretary of the Interior James Watt (Yes, that Watt) and President Reagan.

Quote:

“Tracking down Minerals Management Service's dysfunctional history of drilling oversight”

“MMS employees routinely accepted gifts — and sometimes sex and drugs — from oil companies they regulated, according to two reports from Interior's inspector general.”

http://www.denverpost.com/headlines/ci_15236764

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July 9, 2011

Not Impressed, Boston, MA @ 3:44 am

This is the first comment I've written for an online article. I'm writing this to say how I think this article is very bad advice. Increased Home ownership helps build strong communities by having people personally invested in their communities. The tax reduction makes home ownership much more affordable. That means the tax deduction is a GOOD THING. This writer should try saying something constructuve rather than promoting counter productive theories.