Buying or Renting: What’s the Difference?

The real estate market is truly a place full of options for potential home buyers. But always consider the fact that there are factors that can affect your plan in home buying. Most home buyers today are now given two options when entering the real estate market: whether to buy a home or to rent one. Both have their pros and cons, so as a home buyer, try to read into these factors and see where your current status and situation can fit before you talk to your estate agent.

Renting

Although you cannot build equity, the strongest advantage of renting a home is giving you freedom and flexibility, most specifically in terms of month-to-month lease. Maintenance is also not required when you are renting. Electricity or water problems won’t be much of a cumbersome for you; just dial your superintendent or landlord and they will handle the rest. Moving in and out is also an advantage in renting. It is easier to move out of the house than to sell your home.

Buying

With buying a house, your main advantage is to build equity. Another advantage is the stable housing payments. You are in control to how you want to handle your house expenses. You can also see your house as an investment. You can gain more profit by selling a house as long as you keep it in great shape.