Although renting definitely has its advantages in certain circumstances, most will find at some point that the benefits of home ownership are hard to ignore. Below are just some of the things to consider before signing your next lease.
BUYING A HOME
Financial
1. May build wealth through home appreciation and loan reduction
2. Ability to gain valuable tax benefits.
3. Create the ability to tap into equity for college, home repair or emergency.
Quality of Life
* Freedom to renovate and decorate.
* Gain sense of community - homeowners tend to be much more involved in the well being of their neighborhood.
*Pride of ownership.
RENTING AN APARTMENT
Financial
1. No possibility of profit exists at the end of a lease, renters walk away no richer or poorer.
2. Most states do not offer tax benefits for renting.
3. Any home improvements made only benefit the landlord.
Quality of Life
* No real sense of community or ownership
* No ability to personalize your home.
* Pets are typically unwelcome and you may be charged more money to keep them inside your apartment.