• Buying or renting, it appears to be a simple answer, of course you buy. NOT SO FAST, I will analyze this question given my experience as a mortgage broker.

    -It allows you or your family to plant roots and grow within your community
    -Once you have paid for the home, the home will be yours. This is a form of forced saving
    -If your home increases in value you can use the equity to afford a nicer home, or find a more comfortable retirement
    -When you retire, you may not have the income to keep paying rent
    -Sometimes it can be cheaper to own rather than rent (as in today’s market with cheap rates)
    -Generally speaking home prices have increased with inflation

    -It is a big financial commitment
    -If rates go higher, your payments will increase and this could cause hardship to your finances
    -Owning a home includes maintenance coasts for example property taxes, roof or window replacements, and other potential household areas needing improvement
    -Less mobility when you own a home. For example, if you want to move for work or personal reasons, selling and moving is far more extensive
    -If you’re living with someone else and split up, the process of moving becomes that much more expensive and stressful

    -Renting represents mobility, which is a large advantage for many peoples lifestyles
    -Renting comes with fewer responsibilities
    -If something requires repair, it is usually the responsibility of the landlord to replace or repair what needs work
    -Less costly for sprucing up the home
    -Coming up with first and last months rent is a lot easier than coming up with a down payment

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