Home owning vs Renting

I was cutting grass today when I thought of my next blog entry. I have been a homeowner for almost two years now and I have discovered various pros and cons. My wife and I shared our first dwelling together in an apartment building in Portsmouth, VA called the Heights of Old Town. We started out on the third floor then moved to the seventh. As far as apartment living, the pros are few. To begin with, this complex included all utilities in the total cost of rent per month. This was convenient. Cable, Internet, gas, water, and electricity was all included. This made budgeting easier. We did not have to monitor how muck water, gas or electricity we used. We were not wasteful, but it was easier not having to worry with fluctuating bills. Also with apartment living, when something needed repair, one phone, two, or three phone calls were made to maintenance and it was fixed. It was their problem. We did not have extra expenses such as property taxes, sewage, refuse disposal, and emergency repair expenses.

Apartment living does have its cons. As mentioned above, we lived on the seventh floor. This means that if you need to make a trip to the car, you have to take a trip seven flights down and please let the elevator be on its way up. Laundry is done either off site or in the laundry rooms on the first floor. you live within inches of your neighbors above and below, and on both sides. This means you can hear when they come and go. Your privacy is somewhat limited because you live so close to people.

Owning a home is quite different. It is a different animal entirely. Each utility service is separated and fluctuates by season. General up keeping is time consuming. Whensomething is in need of repair, it is your problem, unless you have it covered under a home warranty. Our first summer we had to spend $900.00 for a termite problem. You have to your own yard work for pay for lawn care. You have sales people at your door every evening selling everything from windows to grass seeds. There is no end of the lease and your free to move.

Owning a home has its benefits also. We have enjoyed having our own space. Remodeling and making structure changes are done at my disposal.There are allot of economic advantages. Equity is earned within the investment. You get a substantial tax break for owning your home. Home ownership provides a positive influence on your credit scores.

If I had to choose one or the other, it depends on my situation. If I do not plan on settling down any time soon, I may choose to rent. If I am settled and plan on having a career, family and planting my roots, buying is the way for me.