Oakstrand Realty

According to moneygeek, conventional wisdom holds that owning a home is wiser than renting over the long haul. Perhaps the most important factor in the rent vs. buy calculation is the length of time you plan to stay in one place. What are some of the pros and cons of renting and buying:

Renting Pros and Cons

Pros (InCharge)

Payments maybe lower No responsible for repairs Flexibility to relocate Lower upfront costs

Cons (bankrate )

Rent can be raised Choices maybe limited Might have to move multiple times Don’t build equity No tax benefits

Buying Pros and Cons

Pros (bankrate )

May build equity and credit (if your house is worth more than you owe, the difference is equity) No landlord to answer to More stability (especially with schools) Possible tax benefits Can improve or upgrade home to taste

Cons (RocketHQ)

Maintenance and repair costs Additional costs like property tax and homeowner’s insurance Substantial upfront costs Market risk and worry over declining home values Long-term commitment