Here is my basic summary of reasons to rent or own. Looking back I wish I would have rented until I was ready to move into my forever home. I would have considerably more money to my name had I rented.
Reasons to own:
- You get to do whatever you want to your property whenever you want
- You can have pets
- Build up equity, although I would argue that this is offset by all the maintenance cost
- Eventually own the place and do not have to make payments.
Reasons to rent:
- You have a lot more freedom to move
- Something goes wrong such as a roof leaking, you call the landlord, no money out of your pocket.
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