It reminds me of a classic cartoon starring a famous duck and a very famous rabbit. They are having a rather humorous debate about what hunting season it is.
Duck season.
rabbit season.
Duck season.
rabbit season.
I think that sometimes when you look at your living arrangements and seek advice, you can feel the same way. There is always someone telling you to do something different.
Now is the time to rent.
Now is the time to buy.
I think you get the idea.
Well, today I’m going to share my opinion with you, but I don’t want you to feel pressured one way or the other.
Utilities
Often when you rent an apartment or house from someone, they pay for some or all of the utilities. Obviously, this is not true when you buy a house because there is no one else to pay these costs.
When renting, you probably had to pay for electricity and gas. When you buy a house, you will also have to take into account the cost of water and garbage collection.
property tax
Not to scare you, but there’s another important cost to consider as well. Property taxes are no laughing matter. In my area, the average annual property tax is between $3,000 and $4,000. For many people, that’s at least a month’s salary.
This doesn’t have to scare you away from buying a home, but you do need to plan for it.
Leaks, cracks and blockages
When you rent to someone, that person is your landlord. Technically, they still own the property and therefore need to take care of it. If an appliance breaks, they fix it for you. If the toilet gets clogged, they will fix it for you. If there is a hole in the ceiling, they will fix it for you.
When you buy a house all these problems become your responsibility. You don’t necessarily need to know how to fix all these problems yourself. You can always hire someone else to fix the problem, but you’ll have to pay for it yourself.
landscaping
Chances are, while you were renting you didn’t have to worry about any type of interior or exterior maintenance.
Once you buy a home, you’ll be responsible for mowing the lawn, tending the garden, and shoveling snow in the winter.
Freedom
Now I realize that the first four differences seem quite negative. I assure you that it is still worth buying a house.
The last difference when buying a house is the incredible amount of freedom you get.
If you want to put a hole in the wall, you can!
If you want to party all night, you can!
If you want to paint the walls, you can!
You own this property now. You can do whatever you want with it.
