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Renting a House vs. Buying a house
Advantages of Renting a House
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Initial deposit is considerably less than a down payment at a new house.
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Only responsible for minimal maintenance fee. Landlord is responsible for repairs that property may need.
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There is no long term commitment, so to speak. On average the normal lease agreement is for 1 year.
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You do not have to pay association fees, school taxes, or other fees associated with owning a house.
Disadvantages of Renting a House
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No long term investment opportunity.
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Can not make structural changes to the property.
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Monthly rent is subject to change after lease agreement is fulfilled.
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Maintenance requests may not be completed as fast as if you were to do them yourself in a home you owned.
Advantages of Buying a House
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Long term investment opportunity. Building equity in your home over time.
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Your property, so you can make cosmetic and structural changes.
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Increased credit simply from being a home owner.
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Monthly house note will be constant over the term of the home loan.
Disadvantages of Buying a House
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Initial costs can be very expensive. (Closing costs, insurance, inspections, taxes, etc.)
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All repairs and maintenance costs are the responsibility of the homeowner.
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Long term financial commitment. The average home loan term is 30 years.
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