Rent vs Own

I have never thought that one day I want to own a piece of property.

Being the care-free person that I am, all praise be to Allah SWT, I don't want to own the burdens e,g, yard maintenance, housekeeping etc. that normally come along with owning a piece of real estate. I rather rent a place and have the freedom to move whenever the need arises.

But lately since I have been looking into self-sustainable living, owning a piece of land to grow my own food and keep some chickens may sound like a good idea. Now that many homeowners in Dallas-Fort Worth area are in financial trouble due to the recession, a lot of homes are in foreclosure. Houses that usually sell around $100K-$150K are on sale at 20-30% below the appraised value.

I am still trying to determine if I want to look further at buying a home, so I am reading about renting versus owning on the web. Here is one of the interesting articles I found on this web site:

Myth #1: Renting is Like Throwing Your Money Away

Myth #2: There are Tax Benefits to Owning

Myth #3: It Doesn't Cost Any More to Buy Than It Does to Rent

Myth #4: Buyers Have Assets, Renters Do Not

Myth #5: Houses are a Good Investment