Renting vs. Owning

Renting Advantages:

• Your costs are fixed for entirety of lease.
• Less liability. If someone sprains an ankle on the grounds, you're not responsible.
• No chance of losing equity or cash on investment.
• More mobile, not tied to mortgage.
• Low maintenance. When the toilet leaks, someone else is supposed to fix it.
• No large down payments and closing costs (title insurance, mortgage fees, homeowner's insurance, county taxes).

Renting Disadvantages:

• You aren't gaining any equity.
• You are less able to customize your living space (or knock down a wall and see what your landlord thinks).
• No tax breaks. (Essentially, you're paying your landlord's mortgage for him).

Buying Advantages:

• As you pay your monthly mortgage and the value of your property increases, so does your equity.
• For many, owning a home is a large part of their retirement.
• Ability to remodel and decorate.
• Tax advantages such as writing off real estate taxes and interest paid on mortgage.
• You have your own space without strangers living just a wall away.
• Patios, porches, backyards and shade trees (finally, experience MyMoment).

Buying Disadvantages:

• Your costs vary greatly.
• Up front costs are much more substantial than renting.
• Ability to remodel and redecorate (it’s easy to get over your head).
• You own the maintenance.