Buying vs renting is a case-by-case basis for most situations, but there are certainly benefits of both.
Here is a helpful tool that can help you budget and decide what is best for you.
The benefits of buying include:
- Tax Savings
- Stability – fixed mortgage payments versus possible increase in rent over years
- Secondary Income – when you own a property, you can use it to rent out space to tenants
The benefits of renting include:
- Flexibility – there are short term and long term leases that give you the chance to leave and move around more frequently with less headache
- Little Maintenance – landlords typically pay for upkeep and repairs made in rental units
- Possible utility coverage – in some instances, landlords will include utilities like heat and hot water in the rental cost