When looking into housing, more than a fair share wonder what the difference between renting and
owning is. While renting and owning differ considerably, your choice will depend on your financial
situation and other needs depending on your circumstances. So you should ask yourself, which will cost
me personally more in the long run, and is it worth it?

So, what is the difference? Well, let’s begin with renting. To start with, renting is, in its simplest
definition, paying someone for the use of something. So, when renting, you’ll pay a monthly expense
displayed in your lease, which may also include other fees, such as utilities and storage.
While renting, it’s typical to see rent increases, specifically when your lease is up for renewal. There is no
restriction on how frequently a landlord can raise the rent after completing your lease or even if they wish
to sell the property with you in it. Similarly, the same can be said about the limits on how much.
Regardless, your landlord is obligated to give notice before changing rates.

If you are wondering if renting has any more upsides, there may be a few that interest you. Firstly, renting
means, you can move whenever your lease ends, allowing for greater flexibility. You won’t be tied down
to a home for any extended period, nor will you have to cover the expenses of maintaining a property.
Renting is temporary, and that’s the most suitable option for numerous people.

On another note, owning can be a brand-new ball game with tangible benefits. In simple terms, becoming
a homeowner is, of course, owning your own home. You’ll be able to possess your own home with a type
of stability not afforded by renting. Your space becomes your own, and you can choose to do with it what
you want.

To begin with, many have the misconception that buying a home will run your budget through the roof.
And while there is a higher upfront cost than renting, working with someone’s budget is just what we do.
When you buy a home, you’ll have many upfront costs, like your down payment and closing costs, but
they won’t be your only expenses. Instead, you will also make a monthly mortgage payment. This
payment, however, will always stay the same, never changing, unlike the inconsistency that can come
with renting.

Of course, other things to remember, like HOA costs, taxes, insurance, and budgeting, are essential to
keep in mind. The goal is to have an agreeable amount left over every month, not sacrificing a
comfortable lifestyle for homeownership.

So, the overall cost of homeownership comes out higher than renting, as you are responsible for your
property. But, it’s an investment, a part of your future that varies from person to person. So, it’s up to you
whether you want a dream home your grandchildren may live in or a unique place to rent for a while.
That choice, in the end, is yours.