Owning vs. Renting

While renting may be a good short term option, the long term benefits of owning a home far outweigh the advantages of renting. If you're still not sure, take a look at the chart below to see the advantages of buying a home.

Advantages to Buying

• Property builds equity
• Free to change decor and landscaping
• Sense of community, stability and security
• Not dependent on landlord to maintain property
• Eligible for deductions on your tax return

Disadvantages

• Responsible for maintenance
• Less mobility than renting

Disadvantages to Renting

• No tax benefits
• No equity is built up
• No control over rent increases

Advantages

• Little or no responsibility for maintenance

Remember, as a renter, you have nothing to show for your investment. But, as a homeowner, money that is spent on monthly payments adds up to a substancial investment and equity that you can draw from as needed.

[Taken from: LendingTree® Mortgage Brief; issue 2, 2002]