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Renting versus buying - advantages and disadvantages


One of the first decisions you need to make is whether buying a house instead of renting one is the right direction for you. Since owning a home is the "American Dream", many people simply assume that it's always to their advantage to buy a home. For most, it is. Take a moment to review the following table to see if it's right for you.

  • Predictable monthly expense
  • Not losing equity
  • When the lease is up, you can just move
  • There is generally less work in maintaining a home or apartment
  • Smaller amount of "up-front" cash
  • Over time, the mortgage balance decreases and equity builds, even if the value of the home does not increase
  • The ability to remodel and redecorate the home to match your needs and desires
  • There typically are great tax advantages attached to home ownership
  • No matter what happens with the value of the home, you will never gain equity
  • Limited or no ability to personalize your living quarters
  • No tax advantage to renting. Your landlord gets any and all tax breaks that are available
  • Variable costs
  • Equity may go up, down, or stay stagnant
  • If you want to move, home generally must be sold
  • Work needs to be done by you, or paid for by you
  • Generally a larger initial investment--the downpayment


Feel that buying a house is the right route for you? Start by letting us know some initial details here.