Renting provides short-term commitment, flexibility to relocate after a lease, and fewer upfront move-in costs. Landlords typically handle maintenance, repairs, taxes, and local expenses, reducing tenant responsibilities. Renting can be more affordable in areas with high property taxes. However, rent can increase at renewal, landlords may sell or change lease terms, and tenants lack control over repairs and alterations. Monthly rent payments do not build equity or allow borrowing against property. Buying enables equity building through mortgage payments, offers fixed-rate stability, potential mortgage tax benefits, freedom to renovate, and possible home appreciation over time.
Renting is a short-term commitment. You can sign a lease and have the flexibility to move somewhere else after the lease is over Maintenance and repairs are typically handled by the landlord, saving you time and money. Additionally, taxes and other local expenses are also usually covered by the landlord If you live in a city with high property taxes, renting may be more affordable, helping to reduce your monthly payments
Move-in costs may be less, often including a security deposit and/or first and last month's rent, versus a down payment and closing costs for buying a home Cons of renting Your landlord or management company may increase the rent upon lease renewal Renting may offer less stability. Besides the possibility of higher prices, your landlord could sell the property or change other lease terms during renewal
There's an overall lack of control. For example, repairs are on someone else's timeline and you can't make many alterations without permission Paying your monthly rent doesn't contribute to buying a home, which means you are not building wealth with your housing payments. Also, you cannot borrow money against your home Pros of buying You can build equity by making consistent payments on your mortgage Fixed mortgage-rate options provide more predictability and stability for monthly payments, unlike rent which might increase with renewal
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