Does it make more sense to buy your home, or should you rent instead? Here are some of the pros and cons:

Buying – Pros :
Tax savings : Interest on your mortgage is tax deductible up to $1 million. Plus, if you profit from the sale of your primary residence, $250,000 to $500,000 of that profit (depending if you file singly or jointly) can be excluded from taxes.

Build equity : As you make mortgage payments, you are building equity in your home that you may be able to access for future use.
When held long enough, a home is an excellent investment.

Security : When you own your home, you can live it in as long as you want, and you won’t have to deal with a landlord.

Buying – Cons :
Long-term commitment : Especially in the current market, you shouldn’t buy a home unless you are able to commit to living there for several years. Otherwise, you may not be able recoup the costs of buying the home.

Added expense : Monthly mortgage costs are generally higher than rental costs. You’ll also be responsible for additional monthly costs such as taxes, insurance, and monthly maintenance.

More responsibility : You will be solely responsible for fixing anything that breaks, as opposed to having your landlord handle any
needed repairs.

Renting – Pros :
Lower Costs : Event with today’s low interest rates, it’s still generally less expensive to rent a home than to buy.

Less responsibility : Your landlord will be responsible for making repairs. Plus, you won’t have to worry about falling property values or rising property taxes.

More freedom : When you rent a home, you don’t have to commit to staying there long term. 1-2 year leases are usually all that is required. When you want to move out, you don’t have to worry about finding a buyer for the property. All you have to do is give notice to the landlord.

Renting – Cons :
No equity : When you rent, you are merely paying to live in someone else’s property. You’re not building up any personal wealth.

More restrictions : As a tenant, you have to live by your landlord’s rules. That could mean no pets, no painting the walls, or other limitations.

No guarantees : When you rent, there is no guarantee you can stay there forever. The landlords may decide they want to sell the property
or live in it themselves, or you could be forced to leave for other reasons, such as the building being converted to a condo or co-op instead of a rental.