Lets be honest, buying a home can be stressful. That is why as your trusted Real Estate Professional, I’m here to help! There are many differences between buying and renting but today I am just going to highlight a few:
Pros Of Buying A Home
- You gain equity: All of your money goes to purchasing your home.
- You have the power and freedom to increase your homes equity and customize your space.
- Tax benefits
- You can make a profit when you sell.
- Your mortgage will not be raised, you’ll have stable payments.
Cons Of Buying A Home
- You usually have a higher upfront cost. (ie: home inspection, down payment, appraisal, etc.)
- You have to pay property taxes.
- All repairs fall on you as the home owner.
- It is more difficult to move to a new location.
Pros of Renting
- More freedom to move if wanted.
- Less upfront costs.
- Most repairs covered by landlord or property management.
- Gives you time to work on your credit or save for a down payment.
Cons of Renting
- You are paying someone else’s mortgage.
- No customization allowed, you must abide by land lord or property managements rules.
- You have no equity when you move.
- Your rent will most likely rise every year.
- No tax benefits