Today, perceptions of owning a house have changed. Although owning a house offers a fixed monthly note and a resale value, it also comes with maintenance costs, insurance costs and the potential of a resale price that is lower than the purchase price. For people who will not be subject to job-required relocation and who want to work in the yard, owning a home may be a good choice.
Renting has advantages, too.
The idea of renting an apartment in Ridgeland, SC should not be dismissed too quickly. Renting can provide some luxuries that a homeowner would not have. Many apartment complexes offer swimming pools and play equipment for families that may be too costly for the average homeowner to install on his or her property.
If a long-term lease is signed, then there is often some protection against rising rental rates. Maintenance on the building, yard, and the appliances are provided by the landlord. Liability insurance and flood insurance are also expenses covered by the landlord. If job relocation is a foreseeable possibility, it is easier to pull up roots with an apartment rather than as a homeowner.
The financial commitment with renting is significantly less than buying. Young families are finding that it is becoming increasingly easy to obtain a lease.
The one thing that renting cannot offer is the tax benefit associated with owning. This one benefit needs to be considered within the scope of the overall needs of the renter.
If owning a home is to be considered, then all aspects of owning should be examined. There is flexibility with repainting and remodeling. There is pride of ownership and a fixed monthly note with no note after the eventual paid-off mortgage. The home could increase in value (although we have all seen the opposite over the last decade) and there is the tax benefit.
There are downsides to ownership with subdivisions still being developed in areas that could possibly flood, so good flood insurance needs to be acquired. Flood insurance is not just necessary in case of a hurricane or serious rain storm but also when there is road construction or where typical drainage is blocked. Troublesome neighbors also need to be considered.