Rent or Own — that is the question

People have different opinions of whether they should rent or own a home. Both options have tons of upside, but they also have major downsides. There are people that need both options because of different situations in life, but it can be a major obstacle to buy a house. The typical median age for renting a home is 24. So that means that mainly young people are renting homes because they are the ones that need it the most, but there are still people in their later years that rent because that's just easier for them. So what should you do? Should you say I'm going to sell my house fast to rent or I'm going to buy a house to own?

When you rent a house, you have a landlord that owns the home, and he/she is in charge of things that  may go wrong. Let's say that the HVAC unit goes caput and you're stuck with no air conditioning in the middle of July. That's going to be huge expense... for the home owner. The home owner who you rent from will take care of all the repairs in the home because that's their duty to fulfill. If you owned a home, you'd have to do it all yourself! You'd be out 4,000 to 5,000 dollars because of that one thing that happened. 

So as you see, renting has the benefits of fixing all of those major repairs. However, with renting, you lose the ability to make it your home. You can't paint the walls the colors you want, you can't renovate a house to make it the open or closed concept you'd like for it to be, you can't extend your driveway, you can't do lots of things! Any work you do in a rental home that updates and upkeeps the home does absolutely nothing for you, but it just makes the owner of that home more and more money with your hard, sweat equity. This is where owning a home is amazing.

Owning a home, you can do whatever you want to your home. You can paint it, you can extend a driveway, you can pour a patio out back, you can do so many different things that you couldn't do if you rented a home.

If you need help finding a home or selling you home, give Favor Home Solutions a call or check out their website because they can help you get into a rental or they can help you buy a home!