Deciding to Rent Vs Own in 2022

Описание: Owning a Home Vs Renting Part 1

I have decided to do a series on Rent Vs Own because there is not blanket answer it is specific to each person. My job is to walk you through those to make sure you are making the best financial decision for you.

Affordability
Owning - Buying a home usually requires a significant amount of funds to cover down payment, closing costs and other expenses
Renting - Much less expensive at least ot he outset

Relocating
Owning - Much more difficult when a house must be sold
Renting - must lest complicated

Maintenance
Owning - Homeowners responsibility and can be expensive and time consuming
Renting - Landlords Responsibility

Taxes
Owning - Taxes and interest paid are Deductible
Renting - Not deductible

Equity
Owning - Form of Saving and Equity increases with each payment
Renting - They do not accumulate equity, once you pay rent the money's gone

Investment
Owning - Its a valuable investment, particularly if home values are increasing
Renting - Its not an investment opportunity

Customization
Owning - You can decorate and make changes according to your personal preferences
Renting - Must consult with landlord to make any small or moderate changes to the property

Responsibility
Owning - Involves a long term financial commitment
Renting - Involves a financial commitment only for the term of the lease