by Daniel McClain on Nov 13, 2014
Whether ‘tis nobler in the mind to suffer the maintenance and upkeep costs of homeownership, or pay a landlord a monthly rent that builds no equity—there’s no clear cut answer, and it depends on your individual situation.
Let’s explore the pros and cons of renting vs. buying your own home.
First of all, owning your own home can be incredibly fulfilling. It’s a rite of passage for many people; a measure of accomplishment and success. It’s also a sign of stability, cementing you into a community and allowing you to put down roots.
Other pros of homeownership include:
Homeownership isn’t all pros. Homes aren’t the best investment; in fact, stocks will give you a better average return on your money. And there’s always the possibility that your home will decrease in value, erasing much of the equity you’ve built.
Here are some other cons of homeownership:
Many people are choosing renting over buying, and for reasons that may surprise you. Here are some of the benefits of renting:
Renting has its drawbacks as well:
Whether you decide to rent or buy depends on your individual goals and circumstances, but either way you’re going to need some good insurance.
1622 S. Gaffey #104
San Pedro, CA 90731
C & S Insurance
3220 Sepulveda Blvd #202
Torrance, CA 90505