The Advantages Of Buying And Renting A Home

Buying or renting is one of the biggest decisions you will ever have to make. One of the advantages of renting is you will not have to take on a big debt, if you buy a house and you can't pay the mortgage you will lose the house and all the money you put into it. Another advantage of renting is less responsibility. If something breaks or something needs to be replaced there is no money coming out of your pocket. One last advantage of renting is less liability. If someone gets hurt on the property if it's no fault of your own, you don't have to worry about being sued.

When it comes to buying it also has its advantages. One of the advantages of buying is ownership of the Property. You can do certain things to a property you own that you can't do if you're renting. If you own a property you can paint the walls add tiles and change anything you want. This is not always the case if you're renting. Another advantage of buying is the building up of equity. The money you pay towards the mortgage can be use if necessary to pay off other expenses by using some of the equity.

One last advantage of buying is paying off the mortgage.

When you pay off the mortgage the largest expense you have will be gone. If you don't have to pay mortgage any more it can free up a lot of money to do other things. Buying and renting both have their advantages, ultimately its witch advantages you find more desirable that will determine your decision in the end.