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.