With the downturn in the market many have changed the American dream from owning a home to renting a home. While a home is a main source of wealth for many it does come with numerous heft expenses. In a rental property situation the landlord covers the costs of property taxes, home insurance and emergency repairs. In a poor real estate market owning a home can be hard as home values can fall significantly, and the vice versa for a good real estate market.
Over the long term owning a home generally has a positive return and is a good investment. Changing your mind can be costly when it comes to buying and selling real estate. One needs to think of homeownership as being in it for the long term. If you are not able to sell your home like many are seeing in today’s real estate market, you may want to consider renting out your property. If that is not what you have in mind then renting a property instead of buying one may be a better idea for you.
Renting a home has its benefits. You do not have to worry about emergency repairs that may come up. You do not have to pay for the taxes on the property, the insurance on the property which allows you to put that money into other financial areas of your life. Renting also allows you to move at any time you feel like. Renting allows you to avoid the big costs that can come up with home ownership.
In the end it depends on your situation as to whether it is better for you to rent or buy a home. If you plan to stay in the home for the long haul or rent it out down the road then owning a home is a great investment. If you are someone who likes to move and not worry about possible expensive repairs then renting for your life can be a great way to get rich in your lifetime.