Deciding to rent or buy is a serious matter that should come with plenty of upfront discussion, research and planning. Here are a few pros & cons to consider:
- Typically, lower upfront cost
- Little to no repair expense
- Could be easier to move
- Rent rates are high and can always go UP
- No freedom to renovate or make changes
- No financial incentives, taxes, mortgage deductions, etc
- The American Dream of OWNING your own home
- Building equity with each monthly payment
- More privacy & freedom to make the property your own
- More upfront costs
- Repair & maintenance expenses
- Might be harder to relocate
There are many other pros & cons. This is just a basic list to get you thinking.
Everyone’s situation is different and should be analyzed separately.
Deciding whether or not to buy a house isn’t an easy choice. That’s why it’s smart to partner with a pro who can help you navigate your options.
By Doug Doyle, Real Estate Broker Associate
The Moving Experience Real Estate , Dover Delaware