The debate on buying vs. renting continues to take place, and will for quite some time, and the fact is – you can find pros and cons to either side. What’s most important is that you make your choice according to your personal short and long-term goals, as well as what is best for your financial plans.
The chart below examines the benefits and drawbacks of both buying and renting to assist you to make the most knowledgeable choice.
Assess Your Circumstances
When you have considered all the pros and cons, you might also want to do a cost-analysis to determine if buying or renting is more reasonable for you personally. This is affected by numerous factors, such as mortgage rates, home price vs. rent prices, and how much time you intend to reside there.
By doing your research and analyzing your options,you’ll be able to make the ideal choice according to your needs.