ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

To Own or Rent? - That is the Question

Updated on October 24, 2018

Renting or Owning - Which is Best for You?

To own or to rent your home or apartment? This is a question, all right. And the answer is not necessarily clear. But there are some things to consider:

Advantages of home-ownership:

  1. You own your own home, which means you can basically do as you please, within reason and legal guidelines. You can own pets, smoke, work on hobbies, paint in any color, have as many people sleep over as you want, again within reason, plant what you want, build what you want.
  2. You have an investment that, the housing crisis notwithstanding, will most likely increase in value over the long haul.
  3. Equity. You can use your homeowners line of equity to pay bills, take out loans, and do many things that a renter cannot do.
  4. No lease to renew. As long as you make your mortgage payments, you can stay.
  5. If your mortgage is a fixed rate one, your payments remain pretty much the same, even if homes soar in value and rents soar as well.
  6. If you stay long enough, the mortgage is paid off and you only pay property taxes.
  7. you can leave your home to your heirs.

Disadvantages to home-ownership:

  1. You are responsible for all repairs, maintenance, and upkeep.
  2. Homeowners' insurance, which is a must, is much more expensive and harder to get than renters' insurance.
  3. Liability extends to your entire property, not just inside your home, and even extends to areas you don't really own, like the sidewalk in front of your home.
  4. If your neighborhood deteriorates or you need to move for any reason, a home is much more difficult to sell, even in a sellers' market, and requires much more paperwork, and middlemen such as realtors and attorneys, and more fees. And takes more time.
  5. If your home is a condominium, or is under any type of HOA, you don't really own your home! You must pay dues, which can be raised arbitrarily to any amount, the HOA can foreclose on your home, sometimes even for the slightest infraction or late payment. And the HOA can make up any rules and restrictions it wants to! And forget fighting them through the legal system. Like they do for health insurance companies and the IRS, courts routinely bend over backwards to rule in the HOA's favor, even if the HOA baldfacedly breaks it's own rules!

Advantages to renting:

  1. The landlord is responsible for repairs and maintenance. I don't have to mow lawns and I don't have to worry about hiring a gardener to do it either.
  2. Renters' insurance, a must, is much less expensive and is easier to get, than homeowners' insurance.
  3. Liability is pretty much restricted to the inside of your rental. If someone falls outside in the parking lot or in a common area, you're not liable.
  4. If you need to move, it is much easier to leave an apartment than it is to sell a home. Even if you have a lease with a penalty for early termination, at least you'll know beforehand, when you first sign the lease. You probably would just pay the early termination fee, (This can be more onerous with some leases than others - Be sure to check your lease on this before signing!) then you can move without worrying about having to find a new tenant or any liability from the next tenant. In other-words, you avoid the pitfalls of selling a home.
  5. I recommend signing a lease. This protects you as well as the landlord. It prevents the landlord from raising your rent monthly. It also spells out terms for both of you. While I don't know for sure, I believe courts are more likely to enforce a lease and take corrective action against an abusive landlord than they are against an HOA. And, you're more likely to get some of the protections of an HOA without the onerous fees and liabilities when you rent.
  6. Though some can be really oppressive and even mean, many landlords treat tenants as customers, especially in markets where there are lots of apartments available. Therefore, knowing that tenants can leave fairly easily, many landlords will honor their parts of the lease and won't trouble a tenant who pays rent on time and alerts maintenance of problems before they get really bad.
  7. In relation to # 6 above, the landlord is much more likely to have your new apartment cleaned up before you move in. The new homeowner may find a mess when they move in.
  8. Security may be better due to the layout of the complex and the diligence of the landlord. Oftentimes, doors to apartments may face each other and a burglar may be more reluctant to break down a door not knowing if the door across the way may open.

Disadvantages to renting:

  1. You don't own your rental, and never will, even if you pay rent for 50 years.
  2. You may have onerous rules or a very oppressive landlord, but, considering what an HOA can do to you, I would rather take my chances with such a landlord that with an HOA, as it is easier to get out of an apartment than a home. See #4 above.
  3. You probably need to let the landlord know if you are going to be gone beyond a certain amount of time, or if you'll be having a visitor stay past a certain amount of time, or if you're going to have over a certain number of overnight visitors.
  4. You may not be able to have a pet or to smoke.
  5. Parking may be less than satisfactory.
  6. You are restricted as to painting or modifying your rental.
  7. Rents can, and often do, go up.
  8. You're more likely to hear your neighbors, loud music, etc, due to their closer proximity and common walls.

In addition to these factors, you'll also need to consider things like the size of your family. Families would need a larger place. If renting, this means higher rent and a smaller selection of apartments. If you're single, you won't need as much space and have more apartments available to you. However, trying to buy a home will be more difficult, as you'll only have one income. Also, there will only be you to do all the chores, inside and out, if you buy a home.

Then, there's the rental and housing market. Not only can they differ greatly in price, but laws protecting both buyers and renters can vary substantially.

And if you're planning on buying, and it's going to be your only property, please remember that, while it is an investment, this will also be your home.

And if you're considering a home with an HOA, do look beyond the supposed advantages. And be sure to read Jerilee Wei's hub, "Who Makes The Rules and When Did We Let Them?" The link is below.

Also, check out the other links, news articles and hubs below.

Good luck with your new place!

Alan S.


This website uses cookies

As a user in the EEA, your approval is needed on a few things. To provide a better website experience, uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at:

Show Details
HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
LoginThis is necessary to sign in to the HubPages Service.
Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
AkismetThis is used to detect comment spam. (Privacy Policy)
HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the or domains, for performance and efficiency reasons. (Privacy Policy)
Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
MavenThis supports the Maven widget and search functionality. (Privacy Policy)
Google AdSenseThis is an ad network. (Privacy Policy)
Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
Index ExchangeThis is an ad network. (Privacy Policy)
SovrnThis is an ad network. (Privacy Policy)
Facebook AdsThis is an ad network. (Privacy Policy)
Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
AppNexusThis is an ad network. (Privacy Policy)
OpenxThis is an ad network. (Privacy Policy)
Rubicon ProjectThis is an ad network. (Privacy Policy)
TripleLiftThis is an ad network. (Privacy Policy)
Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)
ClickscoThis is a data management platform studying reader behavior (Privacy Policy)