Own Vs. Rent

Many arguments can be made for owning or renting- but it really all comes down to one very important question: Where do you plan on settling down and calling home? If you love Lake County the way my family does, and plan on staying here for a long time then the answer is simple- a new home for your financial future is in your best interest. On the other hand, if you are not sure what area you want to call home and you might want to move soon, it probably makes sense for you to rent so you can just pack up and leave and not have a home to sell. In the end, it comes down to personal preference. Only you can decide what is best for your family. Please carefully consider the following chart.

Own Rent
Pride of ownership No ownership, just renting your unit
Privacy of your own home and lawn Have to share walls with others listen to neighbors music and other activities
Garage to pull into to unload groceries Have to park in the parking lot and climb stairs to unload your groceries
Garage provides shade and security for your Vehicles No garage means no shade to pull into, your vehicle is out in open, anyone can walk by or worse yet damage it.
Fixed mortgage payment that is the same every month Landlord can raise rent at any time they deem necessary.
Tax advantages of being a homeowner No tax advantages
Back yard to play and entertain No yard of your own.
Can decorate and hang pictures where you desire, it is your home Landlord charges you to repair damage to their property
Equity builds over the years Nothing to show for after all the rent you paid to your Landlord