Many people across the United States are wrestling with their housing mortgage payments right now and the employment rate is not getting any better at the moment. Some people are now considering the advantages and disadvantages of renting versus buying their own home. In many parts of the United States house rental costs are almost half less than it would cost to buy a house with a traditional thirty year mortgage.

When you are a renter then you don’t usually have to pay for your home’s maintenance other than a few standard house repairs. Most rental homes have a landlord that handles large repairs and maintenance issues. People who rent their home do not often have to pay real estate taxes, though some areas do have a rental tax. The benefits of renting a home are usually pretty obvious. Renters don’t get to benefit from rising home prices but they also do not have to worry about selling a home that’s upside-down. You also don’t have to rely on finding new ways to sell your home for less than it is worth.

When you rent your house then you have to remember that you aren’t building any kind of value in your house. Renters, unfortunately, usually have very little control over their own house’s upgrade projects. While many states have rental rules, sometimes landlords can stop renting to residents for no valid reason.

Buying a home often is usually a more expensive decision in the beginning. The nerve-wracking process of applying for a home loan can be difficult for some people these days. Home owners typically have more flexibility to modify their homes than renters, but house owners obviously have to pay for their home remodeling projects. Of course, some home remodeling projects can give you a large tax benefit.

Both renting and home ownership come with clear pitfalls and benefits. The decision to own or rent a house is largely a personal one. Owning a home may allow you to build up value in your home while renting may put more money in your pocket on a regular basis.

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