Buying vs Renting
A home (real estate) is one of the most expensive purchases most of us will ever make during our lifetime. Whether you decide to rent or buy, either choice comes with its own rewards and risks. Homeownership offers many advantages over renting including:
Advantages of Buying versus Renting
Buying
* Mortgages are a Tax write-off
* Need to sell, rent or lease property in order to re-locate. May have to wait until market conditions are right.
* You pay for all your own utilities, property taxes and insurance.
* Home improvement upgrades can run into thousands of dollars.
Renting
* Your landlord or manager handles general repairs.
* Freedom to move once your lease expires.
* May include utilities, property taxes, and home insurance.
* You’re not financially responsible for improvements.
However, all things considered, homeownership is by far one of the best single investments you can make given the potential long-term benefits.
