renting vs. buying a house pro and cons

I just bought a house because I do not like to just have a bunch of rent receits, whereas owning a house, I can sell it if need be and get some money (not right now but in the future). Also I have the right to do things here that the owner of the place where I rented, would not let me do. I do intend on growing a large garden in the back yard and also to raise rabbits and topical fishes, which I could not do in the former place because the landlord said that I could not do. If I want to have guest over, I do not have to make sure that the land lord approves the guest or not. If I want to paint the house or rooms a different color, I can do that without asking the landlord. On the other hand, I have to make sure to pay the taxes on time as well as any utilities bills on time and the bank on time too. But I was doing that basically when I paid my rent on time. The big drawback is if you do not pay on time because you loose your job (I am retired on accidental disssability with a regular pension check) the bank can evect you if you can not or do not make the payments to them ontime.

I definitely want to own my own house some day. The list of pros for me is endless, but here are some pros for buying and owning: - If you want to knock a hole in the wall, you can! - Sense of satisfaction - Security, it's yours and you can stay there forever (as long as you keep paying the mortgage) Etc. Cons - It costs a fortune and I can't get a mortgage because Ireland is up the crapper in monetary terms. Pros to Renting: - Virtually hassle free moving should you wish to go elsewhere - Someone else organises fixing the hole in the ceiling from the leaky plumbing Cons - The landlord could kick you out to sell up or move in themselves - You can not knock a hole in the wall because you feel you need an extra door

Well it depends actually. Some people rent because of the nature of work they do. Like there are people who travels a lot and doesnt really stay at one place. Some people also rent because they can't afford to buy their own house. Some people prefer buying their own house because they want to have a permanent place to stay for their family and also thinking that their own home will be an investment.