Let me start off by saying, I am a new homeowner. After years of renting, my husband and I were able to finally save enough money to put a down payment on our new home. The question we consistently asked ourselves throughout renting was if we were making the best decision for our future (financial future
We wanted to feel like we were investing in something versus throwing our hard earned money away. However, the constant lingering question in the back of our heads were the responsibility of owning something and if we would be able to handle it financially. We would be responsible for property taxes, all utilities, gardener, maintenance and any breakdowns in the home, and the list went on.
When we finally bought our home, within the first month, we ended up spending over $12,000 of our savings to replace the back roof, adding a vent to our tankless water heater inside our garage, getting rid of the shrubs in our backyard, pest control and taking care of a backup in our plumbing. Yes, this happened all at once, prompting my husband to want to put our home on the market.
After experiencing renting and owning, I've come up with the pros and cons of both:
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