For my clients asking me why should they buy instead of renting...
RENTING.....
When the lease is up you can choose to move.
You do not gain or build any equity.
Less work in maintaining a rental home or apartment.
In most cases, smaller amount of initial "up front" cash.
You will never gain or build equity in an apartment.
Limited ability to personalize your living space.
No tax advantage to renting. Your landlord gets all the allowable tax breaks.
BUYING.....
If you want to move, the house must be sold.
Equity may go up, down or remain stagnant.
Work needs to be done by you or paid for by you.
May be a large initial investment. However, you can borrow this initial investment and pay it back with appreciation build up.
Over time, the mortgage balance decreases and equity increases, even if the value of the home doesn't increase.
Freedom to remodel and redecorate your home to match your needs and desires.
The interest and taxes portion of your mortgage are tax deductible.
Bottom line, when renting, your paying someone's mortgage, so why not pay for your own AND REAP THE BENEFITS OF HOMEOWNERSHIP?
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