Rent VS. Buy – The Pros and Cons

By Eliza, May 10, 2010, Moving

I had this mental discussion with myself a couple months ago when I was first considering moving out. Naturally, I googled up the topic to see what I could find on it.

BUYING PROS:

Property builds equity
Sense of community/getting to know neighbors/security within the neighborhood
Free to change décor and landscape
No landlord

The only things to consider, which I would not classify as CONS, but just something to keep in mind are that one is responsible for the maintenance and property taxes. There is always the possibility of foreclosure. And lastly, it is a bit harder to just move out and in somewhere else.

RENTING PROS:

No/some responsibility for maintenance
Easier to pack up and move out

Same as it was mentioned above, here are some things to consider when renting. One will not gain any tax benefits, no equity is built, if your rent increase one has no control, and one might be evicted.

Personally, as a recent college graduate, I decided to rent my apartment. Who knows when or if I’ll have to move at the end of my lease. For me, it was the right choice.

For more information on the pros and cons of renting or buying a house, read Forbes.com and Bargaineering.