In the long run buying costs less than renting.
Look at it this way:
Every time you pay rent, you are paying towards somebody elses’ mortgage. Every time you pay mortgage, you are paying yourself.
RENTING
Building Equity
Your rental payments go towards paying the your landlord. For, whatever.
Payments you make on your rental don’t benefityou other than keeping a roof over your head.
The longer you rent, the longer you put off building equity.
Shifting Community
Renting means that your neighbors revolve frequently.
Getting evicted can make it impossible for you to buy AND rent in the future.
Guarantees?
Your rent can and probably will go up.
The longer you stay, the less you get. Landlords will tell you: the dream renter is someone who will stay for a long time and not ask for much. Is that you?
Updates, painting and edits to your space aren’t allowed without landlord permission and you could be fined for making them.
You have no control over the possibility that your home may be sold or foreclosed upon.
If you have a pet, it is probably harder for you to move or find a new rental. And if you want a pet? You may not be allowed to make that choice!
BUYING
Building Equity
Your first mortgage payments go towards paying the interest on your loan.
BUT each payment you make also increase yourshare in your home’s value.
Equity = Increase In Your Wealth
Joining a Community
Now you are literally invested in your city and your neighborhood. Awesome!
Statistics show homeowners tend to be more invested in their community as well as more organized than their renting peers.
Go ahead and get those chickens you’ve been wanting. We won’t stop you!
Guarantees
If you have a fixed interest rate mortgage you will always pay the same amount every month for the life of your mortgage.
Your home is yours and what you choose to do IN it, TO it and even ON it is your beeswax. Total freedom is yours.
You can sleep well at night knowing that you’ve secured a place where you can live and grow for as long as you want.
Decorate, paint, garden and create as you want to.
Nobody can make you move except for you.
No restrictions on pets, noise or remodeling (other than legal ones!)
Tax Extras
You can deduct property taxes and mortgage interest from your taxes.
The tax savings alone can make a house purchase more reasonable than renting