All things loans
The recent downturn in the economy has turned that old adage on its head, however, as many consumers have lost equity in their homes due to decreasing home values. When you buy a house, you take on many financial obligations that you would not have if you rented. You will have to take care of the roof, plumbing, painting, gardening, insurance and pay taxes on the property. As a tenant, you will probably want to pay for insurance for your belongings, but it will be significantly less than if you owned the home and needed to insure the entire property and your belongings. Renters do not pay property tax and usually do not cover maintenance costs.