Owning vs. Renting

Living away from home, possibly for the first time, will bring new experiences around every corner. Decisions will have to be made with little guidance or supervision. The appeal of being on your own is enhanced by more privacy, more personal space, and a sense of freedom. It is important to clearly identify the responsibilities and obligations related to choosing a residence so you can be prepared to deal with the added daily tasks of cooking, cleaning, budgeting, connecting to campus life, and arranging transportation. Consider the type of environment most desirable to live in and the amount of responsibility willing to be undertaken before beginning a search.

 

Owning a Home

Renting a Property

Purchasing a home can be an investment with large to minimal returns when the property is sold.

Renting allows more freedom to move to a new area, if desired, once your lease term has expired.

Ownership builds equity, adds to financial net worth, and helps to establish a good credit history.

Living in an apartment allows you the personal independence of living on your own without the costs and time associated with maintaining the property.

Remodeling, redecorating, or renovating a home can match the owner’s personal preferences and budget. All expenses are paid by the owner.

Landlords typically are responsible for repairs, maintenance and upkeep costs associated with normal wear-and-tear on an apartment. The property owner incurs expenses.

There are laws regarding how many unrelated people can reside in a residence zoned for single-family housing.

Rental properties are zoned and better suited for multiple renters.

Owning a home in a residential community requires a strong commitment to neighborhood standards and deed restrictions.

Renting requires a strong commitment to neighbors regarding noise, parties, animals, and external upkeep.

Homes generally have limited parking spaces for visitors and overnight guests. City-parish laws restrict street and lawn parking.

Most apartment complexes have multiple parking lots. Many offer additional parking areas for visitors.