Although deciding whether to buy or rent a home is a personal choice, knowing the advantages and disadvantages of each can be useful. Deciding whether to rent or buy isn’t an easy choice. You need to work with a professional Realtor in order to help you throughout the process.
ADVANTAGES OF RENTING
- Liquidity
- Flexibility - you can move from one home to another without penalty after lease ends
- Same monthly payment
- Landlord handles repairs and cover the expenses
- Convenience/Location
DISADVANTAGES OF RENTING
- Temporary
- Rental increase - same monthly payment although the landlord may raise it anytime or sell the property.
- Not your house so you obey the rules. You will sign an agreement to comply with the rules or agreement.
- You can’t personalize or customize your space.
ADVANTAGES OF OWNING
- Permanent
- Long-term solution and wealth
- Investment as home value can rise over time
- Freedom - to customize, renovate or personalize your space/home.
DISADVANTAGES OF OWNING
- Property Taxes - taxes and other costs are your responsibility.
- Maintenance and Repair
- Utility Bills and Upfront Costs