Renting VS Owning

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?