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Pros and Cons of Buying vs. Renting

Posted by PPG Miami on 21 April, 2017
Buying Renting
Less freedom in moving Flexibility, possibility of moving easily from place-to-place
Responsible for all improvements and repairs Not responsible for major repairs
Possibility of using the property for an unlimited period It allows renter to experience living in a residential area with no ties
Sense of ownership, stability and community Lease renewals are up to the owner
Possible appreciation/gains, making home ownership an excellent investment Money spent without building your own wealth
Freedom of renovating the property Inability to modify the properties without the owner’s permission
Responsible for property taxes and condo fees Not responsible for property taxes and condo fees
Possibility of paying property expenses with the rent Possibility of annual rent increases
Possibility of deducting the condominium expenses and the property tax from taxation Provides 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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