Unless you are in a constant move and can not stay in one place two out of 5 years then it may not be the solution to buy. As a buyer you will gain equity in your home by making your mortgage payment. You can decorate your home without needing to get permission from your lender or your owner. This way decorate to your taste. You will get a homeowner tax break. You will be building credit. You can improve your home with the equity you acquire. You will have independence and pride as a homeowner. You can transfer your property though your will.
Now the Disadvantages:
Your cost can be variable, the equity might change due to market conditions. If you need to move, most of us will need to sell our home prior to making this change. It means owning, requires upkeep and maintenance. Then again it may mean that you will need more cash to get the loan then to rent a home
Are there Advantages to Renting?
Your costs are fixed for the term of the lease
You are not the one loosing equity, but then again you are not the one gaining it either
You can move at the end of the lease. Then also you have no maintenance worries
How About The Renting Disadvantages
Never acquiring equity. Not being able to Decorate your way, no tax breaks, your lease is controlled by your landlord. You may have a landlord who objects to repairs. You will probably not be allowed to sublease the property. You could face eviction if you and the landlord disagree
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