RENTING VS. BUYING.
STOP PAYING OFF SOMEONE ELSE'S MORTGAGE.
Pros and Cons of Renting
The biggest draw of renting over buying is the lack of commitment — you can move whenever you want, maintenance and repairs aren’t your responsibility, and you’re not tied down by a mortgage. The flip side of this, though, is that you don’t truly have a stake in your residence. You can’t build home equity, your monthly rent is controlled by someone else and could change at any time, and you typically can’t make any major modifications to your home. Because of this, renting is great for those who aren’t quite ready to settle down into a house long-term.
Pros and Cons of Homebuying
When you buy a house and build home equity, you have a stake in something that’s truly yours. That can be highly rewarding and provide a means to build generational wealth, but it comes with certain expenses and responsibilities that not everyone may want or be ready for. You’ll have to take care of repairs and maintenance on your own, pay any property taxes and fees, and stay in your new house long enough to recoup the upfront costs. And in this current environment, buying a house also means navigating the highly competitive housing market, which can be difficult, stressful, and time-consuming. But if you’re ready for the commitment and can afford the costs, homeownership can be a worthwhile investment for years to come.
KELLER WILLIAMS PHILADELPHIA │CELL 302.883.9202 │ OFFICE 215.267.3500 │ 1619 WALNUT STREET, PHILADELPHIA PA 19103