Renting vs. Buying a Home Have you ever thought about what you could do with your rent money? Does the thought of saving money sound appealing? Well look no further and take the first initiative to quit throwing money away and start saving. Not only is the money going towards something, but also you gain other benefits such as, equity, freedom and security. These are all things you would not have if you choose to rent a home. The first benefit in buying a home instead of renting is equity. While renting your monthly payment benefits your landlord more so than it would the tenant. I rented an apartment for over a year and I sat down and calculated how much my expense was during the year of living there and the results amazed me. The worst part about it was that all the money I was putting in I would never see again. The most beneficially part in choosing to own a home instead of renting is the fact that your monthly payment will no longer just service one purpose but two. While making that monthly payment it provides you with a place to stay and it also builds equity in the home, so if you choose to sell your home before the duration of your loan was up you get to pocket what you have already contributed in payments. Another reason potential homeowners take …show more content…
At any moment a landlord can deliver an eviction notice, if there is an open ended agreement. They can even terminate a lease early with probable cause. In the state of Idaho the only means of protection an individual receives as a tenant, in this scenario, is being provide a 30-day eviction notice. However, if the tenant has not been making payments a landlord has the right to provided a 3-day notice. Being a homeowner, you wouldn’t have to worry about any if this, with the exception of being in good standing with your mortgage. Even then, the whole process of being evicted from a home that is being purchased takes 6 months minimum to