5. Cheaper monthly paymentFixed monthly expenses Shorter commitment Little maintenance or repair work Extra amenities Utilities may be included
6. Disadvantages of Renting Subject To Lease Term Rent may change with little notice Less privacy and transient neighbors Restrictions on noise level Fewer decorating options No equity No tax deductions Property could be sold No Pets
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11. Disadvantages of Ownership Large down payment Move-in costs Insurance costs Commitment—time, money, and energy Repair and maintenance costs Property taxes can raise substantially Money is tied up in the home Relocate—sell time unknown Possible for property to decrease in value
12. Reasons for Making a Housing Choice $$ Personal and financial goals Personal values, needs, and wants Credit history Real estate prices Location preference Expected length of stay in particular place