Home ownership can be a wonderful thing. It can also be troublesome mess. The difference depends on several major factors. Most importantly to many is the cost benefit analysis of renting versus buying. Without any kind of discount, the financial analysts general come back with the answer that renting is cheaper than buying. This answer is not reflective of a few factors. Market conditions are one large factor in the pricing analysis. If a person buys a house when the market prices are high, then there isn’t the possibility for a net gain in the value, and in fact the probability is that there will be a net loss of value over time. However if purchased at an ebb in home price valuations, or if the home is available at a greatly discounted price, that’s a better circumstance in which to buy.

Purchasing a home that has been significantly discounted can indicate problems that may indicate hidden costs. Major maintenance or repair costs are part of home ownership, yet these can be largely avoided with the initial purchase. Full disclosure of the condition of a home is required by law, so repair expenses can be factored. Additionally there is a type of insurance called a home warranty, which covers major and some minor repairs, and is usually effective for a period of three years from the close of the sale.

If the above information indicates to you that you don’t want to have to deal with ongoing repair and maintenance difficulties that sometimes come with owning a house, then renting is probably for you.