Renting is often seen as a flexible and lower-commitment option compared to buying. It's generally more suitable for those who might move frequently or are unsure about their long-term plans. Advantages: Lower Initial Costs: Renting typically requires a security deposit and first month's rent, which is usually less than the down payment needed to buy a home. Flexibility: Leases are usually for a year, giving renters the flexibility to move without the hassle of selling a property. No Maintenance Costs: Landlords are responsible for maintenance and repairs, reducing unexpected expenses for renters. Disadvantages: No Equity Building: Rent payments do not contribute to building equity in a property. Limited Control: Renters have limited ability to customize their living space. Potential Rent Increases: Rent prices can increase over time, leading to higher living costs. Buying a Home Buying a home is often seen as an investment and a way to build equity over time. It's generally more suitable for those with stable financial situations and long-term plans. Advantages: Equity Building: Mortgage payments contribute to building equity in the property. Potential Appreciation: Property values can increase over time, potentially leading to a profit when selling. Tax Benefits: Homeowners can often deduct mortgage interest and property taxes on their tax returns. Disadvantages: Higher Initial Costs: Buying a home requires a down payment, closing costs, and other expenses. Maintenance Costs: Homeowners are responsible for all maintenance and repair costs. Less Flexibility: Selling a home can be time-consuming and costly, making it less flexible than renting. Use the button below to make your personal calculation.