Use this checklist to decide which is best for you:
Advantages of Buying:
- Property builds equity
- Tax deduction of Mortgage Interest
- Free to change decor and landscaping
- Not dependent on landlord to maintain property
Considerations of Buying:
- Responsible for maintenance
- Responsible for property taxes
- Responsible for Hazard Insurance
- Less mobility than renting
Advantages of Renting:
- Sense of community, stability, and security
- Easier to move
Considerations of Renting:
- No tax benefits
- No equity gains
- Possibility of eviction
- No control over rent increases