Should I Rent or Buy?

Should I Rent or Buy?
Deciding whether or not to buy a home or continue renting is a huge decision. Let's discuss some of the advantages/disadvantages!

Advantages of renting:

  • Lower initial cost (no down payment, closing costs etc)
  • Little to no maintenance. When you rent, depending on the contract, any issues with appliances would be taken care of by the property manager.
  • More flexibility. Month to month, yearly contracts.

Disadvantages of renting:

  • You don't build any equity.
  • Limited improvement abilities (can't change wall colour, flooring etc) - Less stability. The owner of the home can take back use of the property.

Advantages of buying:

  • Building home equity.
  • Freedom to make any changes you'd like.
  • Stability

Disadvantages of buying:

  • High upfront costs (closing costs, fees, down payment)
  • Higher ongoing costs (home repairs, maintenance, property tax etc.)
  • Market fluctuation

What are your thoughts, would you rather rent or buy?
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