Rent vs. Buy Comparison
Buy
Advantages
- Property builds equity
- Sense of community, stability, and security
- Free to change decor and landscaping
- Not dependent on landlord to maintain property
Disadvantages
- Responsible for maintenance
- Responsible for property taxes
- Possibility of foreclosure and loss of equity
- Less mobility than renting
Rent
Advantages
- Little or no responsibility for maintenance
- Easier to move
Disadvantages
- No tax benefits
- No equity is built up
- No control over rent increases
- Possibility of eviction
