Many people wonder about buying vs renting and it’s clear: if you can afford to buy, it’s often a wise long-term financial decision.
Taking a look at the pros and cons of buying vs renting will help you decide what’s best for you”
The pros of buying: having your own home that you can build or renovate as you wish, and the chance for that home to increase in value. You also get the security of knowing you’re in control of the property decisions, instead of your landlord.
The cons of buying: housing affordability is a nationwide problem, and there are significant upfront costs. You are at the mercy of fluctuating interest rates.
The pros of renting: you aren’t tied down to a mortgage, you can easily terminate your lease and move elsewhere, and you aren’t burdened with the costs of servicing a mortgage. You aren’t responsible for the upkeep of the home.
The cons of renting: you miss out on the investment potential that property provides, you’re at the whim of the landlord who can increase rent or terminate the lease at any time.