Throughout the years foreclosure has been an ongoing epidemic. In the past seven years it has become almost the norm not the exception. Although the market seems to be a bit more stabilized it’s safe to say that there is still a major economic struggle for most families here in the United States. With today’s economic climate and the suggestion of a recovery period happening, foreclosure looms large in a lot of family’s lives today. Purchasing a home is quite an accomplishment, however with that comes great responsibilities in maintaining the home. Upkeep or maintenance plays a significant role in being a homeowner. Everything from yard work to maintaining the major appliances in the home is something that the homeowner has to factor into their budgets. Sometimes the burden of owning the home becomes a bit much given that the homeowner may not receive bonuses to supplement their income or have not received cost of living raises to help with the ever increasing budget of maintaining the home. This can lead to foreclosure in most instances. …show more content…
In today’s market when renting you remove the pressure and responsibilities of what the landlord does. Some of the duties you alleviate from you the renter having to do are as follows: leaks, breaks, and damages maintenance cost or repair bills. These would be considered an advantage to the renter vs them being a homeowner. Other advantages of renting would be lower insurance cost, no big down payments, and lower utility cost, depending on the size of the house and if the tenant downsized from a larger residence. When purchasing a home all these factors must be taken into