Before we dig deeper into the topic, you should ask yourself: Why am I reading into the difference between owning and renting? It is because you are looking primarily for whichever is cheaper but also which one benefits you more in the long run.
In this blog, we will talk about the differences between owning and renting,and we will dissect which one is the perfect choice for you. We will have you ask a series of questions and provide data for you so you can properly have a basis for a better decision.
Renting is ideal if you need short-term flexibility and lower upfront costs.
Owning is better for building equity and securing a long-term investment.
We will directly proceed with the advantages and disadvantages between the two.
If you are on a tight budget, then renting is for you, especially if you move a lot because of your job or if you need to be close to the city where your work is currently located.
But, if you are starting a family, then consider having your own place where you and your family can settle down. Make sure that the house you pick is close to schools, hospitals, churches, etc.
The cost breakdown below shows average numbers across the 50 states. For a more specific breakdown of costs, you may copy the table below and replace the numbers based onwhat state you are planning to relocate.
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Total Renting Monthly Costs:
2,072+(20 to 350)+(25 to 100)
=$2,117 to $2,522
2,209+(349 to 1,397)+187+314+(200 to 300)−538
=$2,721 to $3,869
The values presented in the table above are national averages and serve as a general comparison. Actual expenses can vary significantly depending on factors like your location, property type, lender, and even your financial situation.
If you’re looking for more precise estimates or want to explore specific costs in your state, check out the following resources:
Renting offers a lot more flexibility and fewer responsibilities. It also offers lesser costs compared to Owning which has a bigger upfront cost, and other expenses needed to maintain your property.
Although, in the long run,these costs will turn into assets over time, unlike renting, where only the landlords are given the most control and equity, especially when the property you are renting is mortgaged.
So if you are someone who isrequired to change locations every once in a while or you need some place near your workplace,then renting is for you.
If you have a family or you are a couple or even a single person who knows you are going to stay insome place for a longtime, then owning is for you. Especially if you want something to be passed on to the next generation.
Kevin L. Matthews II a financial professional and homeowner, says: “I still see renting as a more conducive and efficient option for investing and building wealth.”
He argues that while renting, some people are able to invest more on other things such as stocks.
“My wife and I spent a total of $41,000 between closing costs and the down payment. If we invested $41,000 in the S&P 500 in the first year and added what would have been an annual maintenance cost of $4,000 a year, we could have $2,045,485 in 30 years with $1,844,485 in total profit.” He says.
Source: businessinsider
Here’s a checklist for you to narrow down which of the two is a better option for you:
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Your choice will depend on your lifestyle, financial goals, and future plans. If you don’t like to commit yourself to paying mortgages for 15-30 years,then chooserent, especially when you need to be close to the city where you work or don’t want to travel long distances,as major cities usually have very expensive houses for sales or simply do have enough houses to choose from.
If you plan to settle down, whether you are married or single, there is equity for you to turn it into an asset over time, and this is especially ideal when the time comes to sell.
Look for a good real estate agent to help you with your decisions, as they usually handle most things for you, and you’ll just have to choose.
Okoboji View is a public 18-hole golf course with membership availability. It is a beautiful golf course with an emphasis on nature and offers many challenges with fast greens, beautiful water features, tree lined fairways and rolling hills.
The newly remodeled restaurant and bar - renamed Pub19 Bar & Grill in 2015 - is full service and you can enjoy drinks and dining on the large new deck overlooking the golf course.
Whether you need a golf lesson or a professional club-fitting, or if you need to schedule your corporate golf outing, wedding rehearsal dinner/reception or class reunion, or just want to enjoy playing at one of the best courses in Northwest Iowa - Okoboji View Golf Course, a family run facility, is for you.
Grace Lutheran Church
801 Hill Ave
Spirit Lake, IA 51360
Services
Saturday at 4 p.m. (informal)
Sunday at 10 a.m. (familial)
Wednesday at 6 p.m. (interactive)
Welcome to Okoboji High School. At OHS we are Pioneering Pathways for Every Student by building on the outstanding foundation and diverse learning opportunities available to students at Okoboji Elementary and Middle Schools through high expectations, caring and supportive teachers, world class learning opportunities, and a wide variety of extracurricular opportunities.
High Expectations - We speak of, model, and expect Pioneer Pride from every member of our learning community. Pioneers hold themselves to high standards in all aspects of life. Whether it is in academics, extracurriculars, or just in the way we treat one another, Pioneers lead the way.
Caring and Supportive Staff - Our staff believes that every member of this learning community is important and deserving of respect and care. Our staff comes to school each day looking for ways to positively impact the lives of our students and families and truly care about our students both inside and outside the building and beyond. Students who have graduated often come back to thank teachers and staff members who made a positive difference in their lives.
World Class Learning Opportunities - OHS is committed to preparing students for a productive life in a changing world. This means a focus on constant improvement, integration of technology to support learning, and ever changing opportunities. Some of these include new courses in computer coding, engineering, and more. In order to be successful, students need knowledge and the skills to apply it. OHS is focused on Universal Constructs such as creativity, complex communication, adaptability, productivity, collaboration, and other skills that will enable students to apply their knowledge to new and changing situations throughout their adult lives.
Wide Variety of Extracurricular Opportunities - Our students are encouraged to get involved in a wide variety of sports, fine arts such as speech, debate, and music, and school clubs and organizations. More than 85% of our students are involved in our extracurricular programs. Whatever a student’s passion, they can plug into a team or organization here at OHS. Our size also allows students to explore multiple passions in many different areas with
We are very proud of the past, present, and future of Okoboji High School, and even more proud of the students, families, and community we serve. We would love to help you arrange a visit to learn more. We believe you too will see why we are proud to be Pioneers!
Yours in Education,
Brian Downing
Okoboji High School Principal
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