A home (real estate) is one of the most expensive purchases most of us will ever make during our lifetime. Whether you decide to rent or buy, either choice comes with its own rewards and risks. Homeownership offers many advantages over renting including:

Advantages of Buying versus Renting

Buying

• Mortgages are a Tax write-off
• Need to sell, rent or lease property in order to re-locate. May have to wait until market conditions are right.
• You pay for all your own utilities, property taxes and insurance.
• Home improvement upgrades can run into thousands of dollars.

Renting

• Your landlord or manager handles general repairs.
• Freedom to move once your lease expires.
• May include utilities, property taxes, and home insurance.
• You’re not financially responsible for improvements.

However, all things considered, homeownership is by far one of the best single investments you can make given the potential long-term benefits.

When does it make sense to buy? People who have generally rented their whole lives purchase a home for various reasons. Owning something of value with a chance of watching their investment appreciate is one reason. Purchasing a home to save money over the long-term is another.

Check out our real estate or bank foreclosure sections for investment opportunities and homes for sale plus mortgage rate comparisons.

If you are still convinced renting is best for you -- try looking at our houses for rent and apartment rentals. If you are a property owner you can list your rentals for free on our rental section.