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Pros and Cons of Buying vs. Renting

Posted by PPG Miami on 21 April, 2017
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BuyingRenting
Less freedom in movingFlexibility, possibility of moving easily from place-to-place
Responsible for all improvements and repairsNot responsible for major repairs
Possibility of using the property for an unlimited periodIt allows renter to experience living in a residential area with no ties
Sense of ownership, stability and communityLease renewals are up to the owner
Possible appreciation/gains, making home ownership an excellent investmentMoney spent without building your own wealth
Freedom of renovating the propertyInability to modify the properties without the owner’s permission
Responsible for property taxes and condo feesNot responsible for property taxes and condo fees
Possibility of paying property expenses with the rentPossibility of annual rent increases
Possibility of deducting the condominium expenses and the property tax from taxationProvides no tax benefits
Possibility of deducting mortgage loan interest in taxation
Possibility of generating a monthly income through renting out houses or apartments
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