Renting Versus Buying
The Advantages Of Buying:
+ Net worth increases as you pay your mortgage down and your home appreciates in value
+
You pay less taxes to the government than if you are renting
+
You can make your home the way you want it--add the colors you like, the carpeting you prefer, etc.
+
Instead of "making your landlord rich", you are contributing to your future.
+
Sense of community, stability, and security
+Not dependent on landlord to maintain the property
The Advantages Of Renting:
+
You can move basically anytime you want, within the parameters of your lease agreement.
+
You don't have to pay for improvements.
+
You don't have to hire anyone to do the improvements.
The Considerations Of Buying:
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Responsible for maintenance
-
Responsible for taxes
- Possibility of foreclosing and loss of equity
-
Less mobility than renting
The Considerations Of Renting:
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No tax benefits--you pay more money to the government
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No equity is built up
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No control over rent increases
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Possibility of eviction
See Also - Buyers .
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