If you are considering buying a house, one of the first decisions you need to make is whether buying a house instead of renting one is the right direction for you. Since owning a home is the "American Dream", many people simply assume that it's always to their advantage to buy a home, and for most, it is. Take a moment to review the following lists to see how your situation fits in.
- More fixed costs for the term of the lease
- Not gaining equity, but not losing it either
- When the lease is up, you can just move
- There is generally less work in maintaining a home or apartment
- Smaller amount of "up-front" cash · No matter what happens with the value of the home, you will never gain equity
- Limited--or no--ability to personalize your living quarters
- No tax advantage to renting. Your landlord gets any and all tax breaks that are available