human
What are the pros and cons of renting versus buying a home?
assistant
Pros of renting a home:-Flexibility to move as needed-Not responsible for maintenance or repair costs-Generally lower upfront cost-Rent is typically cheaper than mortgage payments 2

Cons of renting a home:-Less control over property size or amenities-No equity and nothing to show for your money spent-Rent may go up over the course of your lease
 • Landlord can decide to terminate the lease at any time1

Pros of buying a home:-Opportunity to build equity and to benefit from appreciation of the property
 • Tax write-offs for mortgage and property taxes
 • Stability of knowing the amount mortgage payments will remain the same over the course of their loan term 2

Cons of buying a home:-Higher upfront cost-Responsible for all maintenance and repairs-May have to pay private mortgage insurance
 • Property value can fluctuate, posing a risk to the homeowner.