Buying a Home vs. Renting a House

Buy Vs. Rent

Renting a house is often seen as throwing money away. However, renting a home can save you a lot of potential problems.With renting there are few responsibilities and you don't have to worry about negative equity.

Many young people prefer to rent for the first few years. It gives them the freedom to relocate to wherever they want to go. With renting there are also no unexpected maintenance costs since those are dealt with by the landlord.

Renting is not always as good as buying though since you end up giving your money to someone else, rather than investing it in your future. Most homes, are privately owned. About 70% percent of the population is buying as opposed to renting. Buying a house is usually a good investment. Once the mortgage is paid off the house is yours to keep forever. In the long term buying is cheaper, even more so when you buy with a partner.

There are however additional expenses in buying a home. Some things to consider about buying are the large deposit required to secure the home, legal fees, furnishings and decorating the property. You will also have to budget for ongoing maintenance costs and repairs.