My wife and I both had good jobs and we had a good combined income so we decided to buy our own home. We had rented nearly 25 years before that purchase. It gave us the opportunity to see the pros and cons of owning as we had already seen the pros and cons of renting, since we had done it for so many years.
There is nothing like your own home, it’s an investment and will pay a good return if you ever decide to sell. You can do what you want in the home, it is yours. One of the cons is property taxes and this is getting to be a big issue just about everywhere. In the ten years that we owned our home we saw property taxes double, from $1,200 a year to $2,400. Any time anything breaks down in the home you own you are responsible for fixing it out of your own pocket. Yes, when that hot water heater went we had to come up with the money to get a new one. There could be a number of things that break down and you will have to pay to get them fixed.
With renting you don’t have the freedom that you do with owning. In an apartment complex like ours there are rules that have to be followed. We can only have one pet. I would like to have a dog and a cat like I did when I owned but we have to go by the rules, so now I have a cat. You have to keep the noise to a minimum, keep your apartment area tidy, no gas grills allowed, and other rules. However those rules are in the best interest in making it a nice place to live for all of the tenants.
The nice thing about renting is if something breaks down the landlord is responsible for fixing it. I’ve had a few minor things happen since we have been renting in this apartment and they have been fixed promptly. There are advantages to both owning and renting. You have to look over the pros and cons and make your decision as to what is right for you. I’ve been a happy owner and a happy renter. The important thing is that my wife and I of 40 years are sharing our lives together, no matter where we hang our hats.