Pros and Cons of Buying vs. Renting

Pros and Cons of Buying vs. Renting

 

CONTENT

 

Buying

Renting

Less freedom in moving.

Flexibility, the possibility of moving easily from place-to-place responsible responsible responsible responsible

Responsible for all improvements and repairs 

Not responsible for major repair possibility possibility

Possibility of using the property for an unlimited period. 

It allows renters to experience living in a residential area with no essence

Sense of ownership, stability, and community 

Lease renewals are up to the owner. 

Possible appreciation/gains, making homeownership an excellent investment. 

Money spent without building your own wealth

Freedom of renovating the property 

Inability to modify the properties without the owner's permission

Responsible for property taxes and condo fees or HOA

Not responsible for property taxes and condo fees or HOA

Possibility of paying property expenses with the Rent 

Possibility of annual rent increases 

Possibility of deducting the condominium expenses and the property tax from taxation 

Provides no tax benefits possibility

Possibility of deducting mortgage loan interest in taxation possibility

Possibility of generating a monthly income through renting out houses or apartments