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?
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