Renting typically requires minimal effort, but as a homeowner you will invest hard work into your home. In fact, Russ Whitney says that the mentality between you as a renter and you as an owner will vary significantly more than you are probably expecting.
You probably did a good job of saving as a renter, especially if you earned every penny of your down payment. However, saving becomes a top priority as a homeowner. You are always going to be thinking that an unexpected expense is going to surface and drain you. Whether you end up needing a new roof or you desperately want to remodel the kitchen, your savings account will get paid first.
Nearly everyone has neglected a minor repair in a rental. You could not bring yourself to schedule an appointment with your landlord. When minor repairs need addressed in your own home, you want to take care of them right away. You might even immediately drive to the home improvement store.
Russ Whitney suggest that there are plenty of renters who care about their community, but those who don't typically do once they become a homeowner. You want family owned businesses to succeed, so you do what you can to support them. You get excited about a new factory opening because that means more job opportunities, which could result in a rise in property values. It becomes a seller's market when people are relocating to the area for work.
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ReplyDeleteThanks for this explanation of owning a home versus renting a home. It seems like owning your own home is great when you have a steady income that can be put toward paying and maintaining one. I would like to have the freedom to renovate a house of my home as I wish, so it seems like I should be aware of a few of the responsibilities that are involved. You're right about how I would have to have enough savings left over to take care of maintenance and repairs. I should consider that now that I'm saving up to buy my own house.
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