Disadvantages Of Renting
In this week’s written assignment I am going to explain at length the advantages and the disadvantages of renting versus owning a home. A whole lot of thought needs to go into this decision as it may change with age financial status or any number of other reasons. Let’s start with the advantages of renting versus owning. Renting is usually going to be considerably cheaper then ownership. If you rent the property whether it is a house, apartment, or any other type of dwelling you pay the same amount monthly with no unexpected costs. An example of this if your rental units roof leaks you call your landlord or property manager and it is their cost and responsibility to get it taken care of in a timely manner. Another big plus about renting is …show more content…
The first thing that pops into my mind is the fact that you cannot accurately project what you will pay from year to year. If your landlord or property manager decides to increase your rent as they often do you may not be able to afford the rate increase and have to quickly find other housing accommodations. You are never going to see any return on the money you apply to your housing. If you pay twelve thousand dollars a year a thousand dollars a month that money is just gone and you will never see a return on your investment. Another big factor in the negative column is the rules you may have to adhere to limited parking change in ownership and many more. To put it lightly renting can have many hazards such as rate increases owner ship changing and never developing any equity and is certainly not for …show more content…
A thirty year term is a very long time where allot of things can happen. If you had a good income at the time of purchase ten years ago but lost it you are still going to be required to make the mortgage payment every month. The unexpected costs that come up unexpectedly. If you purchased your home and the roof was good and one magical evening a tree falls on it if you’re insurance won’t cover it for whatever reason or your child leaves the tub on and floods the house that is up to you to cover the costs. If your house goes under water and you owe more than it is worth that is a bad situation to be in as
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