Renting a home versus buying: every person has considered the two options at some point. Since there are many factors that go into making the right decision, it is best to use every tool possible. For instance, a rent-or-buy calculator helps people weigh the pros and cons of these two options.
- Freedom of design
- Space for the family
- Considered a long-term investment
- Easy to predict financing costs
- Personal independence
- Care and maintenance costs are practically non-existent
- Lower additional costs
Buying and Renting Cons
Altogether, buying a home is 20 to 30 percent more expensive, starting with additional financing costs. Unlike renting, care and maintenance costs are borne by the homeowner and the freedom to move after a short time usually isn’t possible. There are other additional costs, too, that renters do not have to worry about.
When it comes to renting a property, tenants may …