Renting
Can cost less
Shorter-term commitment
More flexibility if you need to relocate
Maintenance and repair costs are not renter’s responsibility
Owning
Can build equity
Value of home may appreciate
Satisfaction in homeownership
Possible tax incentives
Make the space your own
DISADVANTAGES
Renting
No tax incentives
Rent could increase
It's not an investment
No building of equity
Owning
Longer-term commitment
Responsible for all maintenance and repairs
Relocation involves more than just moving
Upfront costs are higher
PRE-PLAN
Look at your finances and determine if you are financially ready. Savings should allow for a down payment and closing costs.
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