Question

Renting v. Owning a house (differences)

Answer 1

Basically, when you rent a house it's like staying in a hotel. You pay to live there and use the amenities. When you own a house, you still have to pay bills and all that, but the property is yours to live on.

Renting a home is when you pay a certain amount of money to stay in that home for a certain amount of time, while owning a home is when you have purchased a house as property.

When renting a property, there is a Landlord and the Tenants. The landlord owns the property and is renting it out to the tenant(s). The tenants pay rent to the landlord in exchange for living there.

When you are paying rent you will have to pay for:

- monthly rent

- security deposit

- utilities- electricity, water, garbage, etc.

- renter's insurance

When you own a property, you must pay for:

- monthly mortgage payment

- down payment (one time cost)

- closing cost (one time cost)

- utilities, garbage, water, etc.

- homeowner's insurance

- real estate property taxes

- maintenance

uhhh, yeah, hope this helps a bit? ^^

Attached are some images that might provide easier info.