Will I Buy a House or Just Rent? (Part 1: Buying: The Pros and Cons)
The question that comes to mind in acquiring a house is whether to buy it or rent it. This is a crucial decision. Alot of people think that buying a house is the most advantageous–the “American Dream”. Step back, take stock of the situation, and evlauate the pros and the cons.
Buying
Pros Over time, equity builds up while mortgage balance decrease, even if the value of the home does not increase. You have all the ability to redecorate and remodel your home. Tax advantages are attached to home ownership.
Cons�Costs are variable, and equity may either go up, down, or stay stagnant. You have to sell your house if you want to move, and all repairs are at your own cost. Most often, a large investment is needed for down payment.