Choosing whether to buy or rent your home is one of the biggest decisions you can make, and there are lots of questions surrounding this choice.
In this new blog series, we'll be examining the major differences between owning and renting a home including the pros and cons and costs involved. Today, we're focusing on the responsibilities you can expect depending on your home decision.
Living in your own space comes with its own set of responsibilities; however, those responsibilities will differ depending on whether you choose to own your home or rent.
To help you decide, here is a short comparison between the responsibilities of renting versus owning a home.
Responsibilities of Owning
When you become a homeowner, your responsibilities are going to go up. You’ll have your mortgage to pay as well as property taxes, and you should expect to budget for other bills like homeowner’s insurance, water, and garbage pickup that you probably didn’t have to worry about while renting.
Additionally, any and all repairs or maintenance to your home will have to be taken care of by you. If your roof leaks or your toilet overflows, you are responsible for spending money on a repairman or using your own time to fix the issue.
Responsibilities of Renting
Compared to owning a home, the responsibilities of renting are fairly minimal. You are responsible for paying your rent on time every month, but homeowner’s insurance or property taxes will not be a concern.
As far as repairs to the property, they are typically your landlord’s responsibility. However, you will likely be required to make your landlord aware of any damages as soon as possible. Finally, as a tenant, it is your responsibility to abide by the rules your landlord put forward in your signed lease, so it is important to read your lease carefully.
Learn more about your rights and responsibilities as a Hamilton County renter, from our FREE book, RentWise!.