Property maintenance is the responsibility of the landlord.
You can move or change homes once you have met the terms of the rental contract.
You do not have the costs associated with owning a home (e.g., property taxes, homeowner’s insurance, maintenance).
You will never have to replace a roof, an air conditioner or upgrade the electrical system as a tenant. NOTE: It is commonly recommended that you have Renter’s
Insurance, which protects you against the loss or destruction of your possessions (e.g., burglary or fire)
Sometimes the costs to get into a rental are less than costs associated with buying a home.
If you don’t like your neighbors, you can easily move.
You can build equity. Equity is the value of the home minus the amount you owe on it.
You can borrow against the equity for many purposes.
Homes generally increase in value over time and are a good long-term investment.
The home is yours shelter, your nest egg and once your mortgage is paid in full, your housing cost becomes merely your taxes and insurance.
Homeownership may reduce the amount of income tax you pay (interest and taxes are tax deductible).
You can pass your home on to family members.
You do not own your home or apartment or receive the benefits of being a homeowner.
Your rent might increase or cost more than a mortgage payment.
You might be unable to renew your rental contract and then have to find a new place to live.
You do not have control over your largest single outflow of cash each month (housing payment), your Landlord is.
You will always need shelter, if you continue renting, you will be paying high costs to have a roof over your head, where if you own, you can have the loan paid in full in the future and only pay for taxes and insurance as a carrying cost.
Property maintenance and upkeep are your responsibility.
You are responsible for the additional costs of Homeowner’s insurance, flood insurance (if applicable), real estate taxes, and homeowner’s association fees (if applicable)
You may have to sell or rent your home before you can afford to buy or rent another one.
You can lose your home, and your investment in it, if you do not pay your mortgage payments.