Rent Vs. Buy Homes
At the time of publication, about 67 percent of Americans -- or about 75 million households -- own their homes. In contrast, about 33 percent of Americans -- or 37 million households -- rent their homes, as the National Journal noted in 2011. The two options hold some similarities; but renting and buying a home are also quite different.
Renting a Home
Most landlords and leasing companies perform a credit check and check your rental history. Upon approval, you usually sign a contract called a lease that specifies the amount of time you are going to live in the home and the amount you must pay to live there. Your lease also contains other relevant information, such as the date your rent is due and your liability for damage to the home. Generally, the duration of a lease is six months or one year. Upon signing your lease, you usually must pay your first month's rent and a security deposit. Your security deposit is often equal to the amount of your rent, according to Holtzman Realty. You also must inspect the premises of the home you are renting. You must note any existing damage to the property so to avoid being held liable for preexisting damage that the landlord neglected to indicate. Once you finish your inspection, you move your belongings into your rental home. You are usually not permitted to make augmentations to the property without the landlord's permission. If home repairs are needed, you generally must contact your landlord.
Buying a Home
You must obtain a home loan in most cases prior to purchasing a home. That is, unless you have the full amount of the home to pay for in cash. You must obtain this loan from a bank, a credit union or another lender. The bank thoroughly examines your credit; if you have mediocre credit you are unlikely to get approved for a home loan. You also must have limited debt, a lump sum of money for a down payment and a high enough income to pay your monthly mortgage payments. If you are approved for a loan and you buy your home, you live in the home for as long as you wish. You are permitted to make augmentations, repairs and improvements to your home. Over time, your home's value is likely to appreciate. Therefore, when you sell your home, you will likely earn a return.
Similarities
Whether you rent or buy your home, you must pay monthly payments for either rent or mortgage. Also, renters and homeowners are both the addressees to their assigned properties. You are responsible for paying utilities, such as water and electric, whether you rent or buy your home. In addition, you are responsible for insuring your belongings inside of your rental or purchased home, such as electronics and furniture.
Differences
If you rent your home, you live in that home for a predetermined amount of time. If you buy, you live in your home for as long as you like. You are permitted to make major repairs and augmentations to a home you buy. You generally cannot augment or make major repairs to a home you rent without the permission of the homeowner. For example, you cannot put an addition onto your rental home; but you could onto a home you own, according to medlawplus.com Sample Residential Lease Agreement. Your lender usually requires homeowner's insurance on a home you buy, which covers your home and your belongings. Renters have the option to insure their belongings with renter's insurance; but it is generally not a requirement. Also, to buy a home, you must have a larger lump sum of money in the form of a down payment. To rent a home, you need your first month's rent and security deposit. The credit requirements involved in buying a home are more stringent than in renting. In addition, homeowners receive tax benefits, such as the home buyer's credit and property tax deductions. You do not receive tax benefits for renting your home.
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