Why buy vs. renting -- Pros & Cons 

BUYING


Advantages

1.  Build Equity over time or potential property appreciation

2.  Tax benefits

3.  Pride of ownership, community caring


Costs associated with buying

  1. Earnest money & down payment (VA no downpayment)

  2. Appraisal fee, inspection fee, closing costs

  3. Property taxes

  4. Hazard Insurance

  5. Loan payments

  6. Utilities (UtilityScore tool can be used to more accurately estimate utility costs of a home for sale)

  7. Maintenance & repairs (New Construction unlikely, also the first years have warranty)


 

RENTING

Advantages

  1. Stable & predictable monthly expenses

  2. None of the costly purchase process

  3. Freedom to end the lease and move easily if you don’t like your location, neighbors or the house itself

Costs associated with renting

  1. Security deposit and non-refundable deposits

  2. First month’s rent

  3. Utilities (some are shared utilities with other tenants that you pay even if you don't use when you're on vacation!)

  4. Insurance

  5. Pay your parking space or garage