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
investment.

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.