Quick Tips: Renting vs Buying - What are the Advantages?
Renting can often be a more flexible and affordable option for people, while there are also many benefits to owning a home. Depending on the phase of your life and what is important to you, both can be viable options for you.
Pros of Renting a Home
FLEXIBILITY - Renters have the ability to move
easily if their job or personal life requires it.
LOWER COSTS - Renters avoid large upfront
costs, such as a down payment and closing costs,
and can save for other expenses and goals.
NO MAINTENANCE - Renters typically do not have
to pay for maintenance and repairs, as those are
the responsibility of the landlord.
Pros of Buying a Home
BUILDING EQUITY - With each mortgage
payment, homeowners build equity in their
home, which can be used later in life or as an
TAX BENEFITS - Homeowners can take
advantage of tax benefits, such as deducting
mortgage interest and property taxes.
PERSONAL CONTROL - Homeowners have
full control over their living space and can
make changes as desired.