Post-Graduation: Renting vs. Owning

After graduation, seniors have to consider the pros and cons of renting or owning a house for themselves after school.

Houses

Photo by Maximillian Conacher: Do we rent, or do we take out a loan to buy our first home?

By Madison Miller | mmiller190@radford.edu

As seniors enter the world post-graduation, they are looking at houses and looking at apartments.

Do we rent, or do we take out a loan to buy our first home?

There are so many questions we face upon taking this next big step in our lives.

[epq-quote align=”align-left”]There are so many questions we face upon taking this next big step in our lives.[/epq-quote]

Renting is where you lease an apartment or home for a set period of time, and it is not yours in the end after paying the lease.

Some pros to renting include no maintenance costs, the landlord is responsible for fulfilling these needs, shorter-term commitment, more flexibility to move out, and in some cases, it can be cheaper than a house payment.

Cons to renting include that it is more expensive than a mortgage, fees for things like pets and parking, there are small areas, loud neighbors, and the landlord can surprise you with a rent raise at any time.

You also cannot build equity renting somewhere, there are no tax benefits, you cant make changes to the interior or exterior without approval, and landlords can evict you at any time for any reason.

[epq-quote align=”align-right”]You also cannot build equity renting somewhere, there are no tax benefits, you cant make changes to the interior or exterior without approval, and landlords can evict you at any time for any reason.[/epq-quote]

The rules and regulations strictly bind renters.

On the other hand, if you can get a loan, you could buy a house.

Some pros to owning a home include the pride in owning a property, feeling of stability, freedom, decorating, privacy, a long-term investment, tax benefits, building equity, however many pets you want, and more.

Cons to owning a home include a lot of budgeting, responsibility, and property taxes can go up at any given time. Homeowners also have to consider the loss of property value, that ownership may not be their style, it can be very expensive, and every month’s bills will vary in prices.

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