Renting vs buying is a decision many would-be homebuyers have to make and it is not always easy to make. When debating renting vs. buying you will receive advice from many people - some of it good, most of it bad.
In the end, if you are faced with deciding between renting vs buying the only person that can make that decision is you. Keep in mind some of the basic differences between renting and buying:
Renting a home gives you no equity, whereas owning a home provides you equity that can be used for other reasons. Renting a home locks you into the duration of the lease, whereas owning a home gives you the flexibility to sell your home or rent your home at anytime.
Renting a home gives you the ability to live in that home for the period the rent was for. Owning a home allows the mortgage payment to build equity in your home. Renting a home dos not give you the ability to write off interest and other fees whereas owning a home does.
The decision of renting vs buying will hinge on different things for different consumers. Spelling out the math and weighing the pros and cons of each is the best way for you to resolve the renting vs buying dilemma.
For many homeowners the renting vs buying was the easy part, the tough part was deciding which of the many mortgage packages available was right for them, but that decision only comes after concluding renting vs. buying.
