Buying vs. Renting
Posted by Wendy Atherton on Thursday, February 3, 2022 at 12:13 AM
By Wendy Atherton / February 3, 2022
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To buy or to rent... is that your question?
While everyone's situation is different, there are some pros and cons to renting and buying that apply to most scenarios. If you're struggling to decide, swipe through this post to read on – and if you'd like to talk more and crunch the numbers together, I'm here to help!
"Landlords grow rich in their sleep without working, risking, or economizing." -John Stuart Mill
"The bottom line: Investing in real estate is smart because property is tangible. People always have and always will need shelter." -Kathy Fettke, investor
RENTING PROS
+ Landlord pays for maintenance
+ Flexibility to move around
+ No closing costs
+ No housing expenses
RENTING CONS
- You don't build equity
- Limited customization to home
- Rent increases over time
- Landlord might sell
BUYING PROS
+ You build equity over time
+ Home value may increase
+ Tax benefits
+ Complete freedom to customize
BUYING CONS
- Closing costs
- Maintenance responsibilities
- Less flexibility to move around
- Home value may decrease
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