Figuring out whether you are at the stage in your life to buy a house is a tough decision.  You have to make a decision based off of many factors.  You must take a number of things into consideration, such as:  the location of your job, your annual salary/ income, how long you even want to be residing in your current city/state, if you are about to begin making a family, and etc.  In the end, you have to decide between buying a house and renting out a house or apartment.  This short article will give you quick facts about the advantages and disadvantages of owning or renting a place you will call home.

Renting

Grant it that renting is less complex than going through the process of buying a house; but the main pro to renting is that it can be very inexpensive.  Before you can move in to your leased home, you only have to give a relative small down payment.  Down payments are usually the amount of one or two months rent.  Along with being cheap, leasing is more convenient.  If you are not fully confident on where you want to live, it is easier to “get up” and move.  For instance, if you are a student or had just landed a job in your career, it might be best to rent because you may not know where you are going to end up in 2 to 5 years.  And, unlike owning a house, renting a property means little to no responsibility for maintenance.

Now, on the contrary, renting has some downfalls as well.  At the same time of having low rent, the landlord can increase rental rates over the years.  This is a common practice among apartment complexes, and the renter has no control over this matter.  Something that a lot of people look forward to between the months of January and April, you cannot receive tax benefits from your rental home.  Like mentioned earlier about having little responsibility for maintenance, that comes with a con, and that is most rental properties will not allow you to decorate your home the way you want to.  And, lastly, since you do not own the property, you face the possibility of being evicted. 

Buying

Buying your own space means FREEDOM from so many different aspects.  You have more space to build a family or you can simply decorate your home and landscape the outside just the way you envision it.  You will have your own sense of stability and security and you will not have to be dependent on a landlord.  On a financial stand, you can own a house where the mortgage is the same or less than some places to rent out.  Also, you no longer have to worry about your monthly payments increasing because the mortgage stays consistent.  But, to top it all off, your property will build in equity and you receive tax benefits.  

Still, on the other hand, owning a home comes with a lot more responsibility.  To start off, the down payment in buying a house is way larger than renting, plus you have closing costs.  You will have more expenses to worry about that is typically included in rent, such as: the utilities, home/ hazard insurance, property taxes, maintenance, HOA fee, and etc.  Lastly, if you fall behind in your mortgage, you could possibly face a foreclosure on your house.

Take the time to think through which option best suites you, at this time in your life, then move forward.