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:

- Responsible for maintenance
- Responsible for taxes
- Possibility of foreclosing and loss of equity
- Less mobility than renting

The Considerations Of Renting:

- No tax benefits--you pay more money to the government
- No equity is built up
- No control over rent increases
- Possibility of eviction

See Also - Buyers .