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Renting VS Buying Calculator
Are you torn between renting a home and buying a home and can't decide which is the better option for you? This is a problem that is more common than most people think it is. The best way to determine which is the better option is to learn more about both options. There are many advantages and disadvantages to both that need to be known. This article is going to provide some of the advantages and disadvantages to help make an informed decision easier.
Before that though, it is important to know that the first and most important thing that needs to be done is to determine if you can afford to buy a home. Not everyone will be able to afford it. The one thing that needs to be done is to use a mortgage calculator to help you determine what mortgage payment you can afford.
There is a calculator online that can be used for free; it is just a matter of locating one. This is the most important step because if you are not able to afford a mortgage, then there is no point in going any further and renting is your best option.
On to the advantages and disadvantages to buying or renting a home. Let's start with renting a home.
1. Renting a home means that a lease will be signed for a specified period of time. Once that lease is up, you can decide to stay where you are or move to another place without having to worry about selling the home.
2. To rent a home, all that is needed is the deposit and utility fees to start them up.
3. The maintenance for the home is not your responsibility; instead it falls to the owner of the property. This also limits you on any changes that you want to make because this is not possible without approval from the owner first.
4. One disadvantage is that once you make the monthly rent payment, your money will be gone with nothing to show for it. There is no equity in a home for you when renting is being done; this advantage goes to the owner of the home.
Here are the advantages to buying a home, instead of renting.
1. The biggest advantage to buying a home is that the money paid each month is not completely gone every month like it is with renting. Instead, the equity of the home falls to your advantage.
2. The maintenance for a home that you own now falls to you. For some people this is a disadvantage and to others it is an advantage.
These are not all of the advantages and disadvantages there are to renting a home or buying a home. Do your homework to learn all about both options because this will make your decision easier. Take your time before deciding to ensure that the best decision is being made for you and your family. | 
