Renting VS Buying

Have you been wondering about renting an apartment vs. buying a home? Choosing to rent an apartment or buy a home is a big decision, and we’re here to help! The good news is there are many advantages of renting and buying. The choice is yours, and it just depends on your financial and lifestyle preferences.
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Check out these benefits you will enjoy by renting an apartment or owning a home to see which is right for you!

Consider these benefits when deciding to rent or buy:

Renting an Apartment

• You can move with ease. Over a short period of time, renting is less expensive than owning. If you plan to move within a couple of years, renting can provide a smaller commitment.
• Repairs are taken care of. One of the biggest perks of renting is that you never have to worry about surprise repairs or the costs of home maintenance.
• Renting has fewer upfront costs with no down payment or closing costs.
• Time to plan. Renting gives you time to plan before making big commitments.

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Buying a Home

• Every payment brings you closer to owning the house. With each mortgage payment, you are building equity and working towards full homeownership.
• You have tax advantages. Some of the costs of owning a home, such as property taxes and interest paid on a mortgage, are tax deductible.
• You can cash in on appreciation. Your home value will most likely increase over time depending on the housing market and how well you take care of it.
• Freedom to make renovations. Your home can be improved or upgraded however you please.

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