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The Pros and Cons of Home OwnershipBy Art Gib In today's real estate market there are almost as many renters as owners, if not more. It doesn't matter whether you're looking in the Mississippi real estate market or the New York apartment buildings you are guaranteed to find both renters and owners. Many homeowners wonder why a person would ever choose to rent, and many renters wonder why a person would ever choose to own. There are definitely pros and cons to each scenario, but these differences aren't always seen clearly for those searching for a place of residence. If you're looking into getting into a home and you don't know whether you want to rent or buy, the best thing you can do is to get a list of the pros and cons of both sides and determine for yourself which option suits you best. One of the greatest reasons people choose to own a home is for the freedom and security. A homeowner can do whatever he wants to the house without worrying about upsetting the landlord or breaking a contract. He can upgrade and remodel all day long, knowing that any improvements he does will only help him in the long run by improving his equity, not the equity of a landlord. Financially, buying a home can be a smart move. Your home is an asset, and should be looked at as a real estate investment, even though you are living in it. Generally, equity in a home increases rather than decreases, as long as the home is properly cared for. Another financial plus is the government benefits that come along with home ownership. A homeowner gets special tax rebates and reductions for owning the home. And of course, owning a home improves your credit, which may help you get lower interest rates on any subsequent loans that are taken out. Owning a home isn't all fun and games however, there is definitely a downside. First off, it can be a liability. Any accidents that occur on the property are the responsibility of the homeowner. He is also liable if something or someone on his property causes damage to his neighbor's property. Also, every property needs maintenance. This is the homeowner's responsibility. If a pipe breaks, a renter can call the landlord. A homeowner calls the plumber and pays for it himself. The homeowner also has to make sure the loan and insurance payments are paid on time, and property taxes do come with property ownership. Basically, it takes a lot more responsibility to own a home than it does to rent, and the financial commitments and risk are much greater. A homeowner has the chance to build equity, but at the same time if something goes wrong with his financial situation, he has the chance to ruin his credit and lose his equity. For most, the rewards of owning their own home far outweigh the cons associated with that ownership, and they would choose to buy before they would rent. About the author RE/MAX of Mississippi (http://www.remax-mississippi.com/mississippi-real-estate.aspx) is a real estate brokerage that specializes in Mississippi real estate. Art Gib is a freelance writer. |
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