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The decision of whether to rent or buy might be one of the biggest financial decisions you will make, so it is wise to consider the advantages and disadvantages of either. There are a lot of factors that go into this decision, such as your lifestyle, needs, household size, and career.
One of the main benefits of renting is the flexibility and minimal responsibility which can be considered an advantage if you’re at a point in your life where you don’t want to feel tied down to a single location just yet. You won’t face the issue of not being able to sell when you want to move, making changing your mind about where you want to live a lot pricier when you own instead of rent. This flexibility comes with risk, as you are subject to the decisions of your landlord like if they suddenly decide to sell the property or increase the rent. Also, you may not have the freedom to do what you please with the place when it comes to certain renovations, so keep that in mind if that is something that is important to you.
Rent payments are considered wasted money, but this statement is false as having a place to live will always cost money in one form or the other. Keep in mind that there will be a lot of savings that come with renting instead of owning, such as property taxes, trash/sewer/water services, homeowners insurance, and more.
Buying a home is great if you want a place to call your own and want to settle down. You get the pride of ownership and the feeling of stability. You have the freedom to modify and renovate as your heart desires. By purchasing a home, you build equity and get to enjoy tax deductions. On the other hand, the advantages of renting are the downfalls of owning.
If you decide to move, the process becomes a lot more difficult. You have more responsibilities as there is no landlord, and there are many more services that you will have to take care of yourself, such as certain utilities and insurance.
