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Rent or Buy? That is the Question (Cont.)

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Rent or Buy? That is the Question (Cont.)

Pros to Buying
  • You can build equity over time.
  • The home is yours, so you have more control over how to decorate it and landscape it.
  • Greater stability - as long as you can afford the property taxes and your mortgage payments, you don't have to worry about being evicted.
  • Getting to know the neighbors.  Because you are likely to stay in a home you own longer that one you rent, you may become more involved in your community.
  • You can benefit from tax deductions on real estate taxed and mortgage interest. 

Cons to Buying
  • Its a big commitment. You may be in that home for quite some time, so deciding which home to purchase can be tough - you want to make sure it's a good fit.
  • When it comes to maintaining a home, it's all about you.  It's up to you to make the repairs when the toilet leaks or pay the handyman for the fixes.
  • Home ownership insurance premiums.  You'll have to pay these to cover the cost of any potential damage to your property.  Also, if your home is part of a homeowners' association (HOA), you'll have to pay HOA fees.
  • You may have to borrow heavily and pay interest (take out a mortgage) to afford the home.  You could lose your house if you can't keep up with your mortgage payments.
  • You have less mobility because of the work and time required to find a buyer, sell your place and move your belongings.  (Which you may have acquired more of, now that you own space to keep things in.)
  • If you can't keep up with your mortgage payments, you could face foreclosure and a loss of equity.  (Not to mention the damage it'll do to your credit history.)

Buy or Rent? That is the Question