The one advantage of renting is being generally free of most maintenance responsibilities. As well, you are generally not tied to a particular market should you wish to move quickly.
However, by renting, you lose the chance to build equity and take advantage of tax benefits and protect yourself against rent increases.Also, you may be at the mercy of the landlord for housing.
Owning a home has many benefits. When you make a mortgage payment, you are building equity increasing YOUR net worth.
Owning a home also qualifies you for tax breaks that assist you in dealing with your new financial responsibilities like insurance, real estate taxes, and upkeep which can be substantial. But given the freedom, stability, and security of owning your own home they are worth it.
For more information, please consult your financial advisor and Realtor for a good comparison of the advantages and disadvantages of owning vs. renting.
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