In our current economy, the debate of Buy Vs Rent has picked up steam recently. With reduced prices and historically low rates, buying real estate is very attractive. On the other hand, lending guideline changes as well as economic and employment restrictions have made a lot of people nervous about spending moeny. Buying a home is a very big decision for any consumer. There are many distinct advantages to owning instead of renting, but before you decide which is right for your lifestyle, you should weigh all of the pro’s and con’s side by side.

Advantages of Renting
• Very little responsibility for maintenance, possibly including utilities
• Easy mobility

Advantages of Owning
• Property will accrue equity over time
• Freedom to alter home and landscaping to one’s preferences
• No need to wait on landlord for maintenance concerns
• Tax benefits
• Costs less over time than renting

Disadvantages of Renting
• No tax benefits or accrual of equity
• No control over rent increases
• Possibility of eviction if landlord chooses to sell property

Disadvantages of Owning
• Responsible for maintenance and utilities
• Property taxes
• Lesser mobility

Of course, there are numerous other factors that will go into the decision to switch from a renter to a buyer (or vice versa), but the above list should give you a good starting point for consideration.

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