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Renting VS Owning

Renting VS Owning

RENTING

Pros

  • Mobility/freedom to move around.
  • Landlord pays for maintenance.
  • Doesn’t require expensive closing costs.
  • No fluctuation in monthly housing expenses.
  • Allows you to test-drive different living spaces.

Cons

  • You don’t build any equity.
  • Limited ability to customize your living space.
  • Rent could go up over time.
  • Landlord might sell or decide to stop renting.
  • Limited sense of home stability / permanence.

BUYING

Pros

  • You build equity over time.
  • Home value may increase over time.
  • You may reap tax benefits.
  • Unlimited freedom to customize your living space.
  • Sense of home stability / permanence.

Cons

  • Closing costs can be prohibitive.
  • Responsibility for maintenance and repairs which requires time and effort.
  • Less flexibility to move (at greater difficulty / expense).
  • Home value may decrease.

Would you like to speak to a professional real estate agent about the buying process?