Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply.
This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.
Pros and Cons of Renting and Owning a House
The costs between renting and owning a house are completely different that most people who are just starting out opts to rent instead. But people sometimes get too comfortable with renting that they’re missing out the privileges of getting their own house. But what are the pros and cons of renting and owning your own space?
Renting a place is a good thing, especially when you’re just starting out. There is no maintenance required when you’re just renting out. You can just call the superintendent if you ever need help with disposing your garbage or getting a plumber. It’s also much easier to move from place to place. Some job opportunities would just be too far from where you live that it forces you to relocate. For someone who just rents, it would be easier to move from one place to another rather than selling your home. Since your property is mainly based on the real estate’s economic market value, there is a chance that the price might depreciate. Renting means that you don’t own the place, it saves you from a possible depreciating of your asset.
However, there are still some disadvantages that you need to be aware of. You don’t have any control with your monthly payment. Renting also doesn’t build your equity. Your housing payment only provides you with a place to stay but doesn’t really give you an asset to build your net worth. You can’t do any alterations without the owner’s permission. Since you’re only renting the place, you always have to ask permission from your landlord or apartment manager if you want to make any changes to the house.
Owning a House
Owning a house in Oklahoma can be a thrill for anyone who wants to have a place to live on their own. But owning a home is not for everyone. Owning a home can build your net worth and equity. This can be great for people who wants to build their equity. You can also deduct your payment and property taxes as soon as you itemize your federal income taxes. You can even use your house as an investment by renting it or selling it to generate income. Owning a house means that you can truly have a place of your own. You can be a part of the community where you can even possible build a family. You’ll get to know people like your neighbors and even volunteer for projects.
Although these things may sound good, it still has its downside. Owning a home means that you have to pay your own maintenance. Getting a new job opportunity elsewhere may also be hard since you won’t be able to sell you property that quick. Property taxes can also go up, making your mortgage higher.