Buying vs Renting: Let's take a look at some pros and cons
To buy or to rent... that is the question.
While everyone's situation is different, there are some pros and cons to both renting and buying that apply to most scenarios.
"Landlords grow rich in their sleep without working, risking or economizing." - John Stuart Mill
"The bottom line: Investing in real estate is smart because property is tangible. People always have and always will need a shelter." -Kathy Fettke, Investor
- Landlord pays for maintenance
- Flexibility to move around
- No closing costs
- No housing expenses
- You don't build equity
- Limited customization to home
- Rent increases overtime
- Landlord might sell
- You build equity over time
- Home value may increase
- Tax benefits
- Complete freedom to customize
- Closing costs
- Maintenance responsibilities
- Less flexibility to move around
- Home value may decrease
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