08 Nov Renting vs. buying a home: A comparison
BUYING Advantages May build equity and credit No landlord to answer to More stability (especially with schools) Possible tax benefits Can improve or upgrade home to your taste Disadvantages Requires substantial money and paperwork up front Could lose money if home values decline Extra expenses beyond mortgage payments Rising home prices and low inventory in many markets Responsible for repairs and remodeling RENTING Advantages Fewer upfront costs and paperwork Freedom to be more mobile Not responsible for maintenance, repairs No need to worry about falling home values Build credit (if your landlord reports rent payments to the credit bureaus) No property tax bills Disadvantages Landlord can raise rent or sell the property Choices may be limited depending on vacancies Might have to move multiple times Don’t build equity No tax benefits ...