Professionals Real Estate 
It can be a tough decision trying to decide between renting or buying, and there have to be a lot of things considered before the decision is made. They each have their pros and cons. On one hand if you are going to buy then you have substantial up front cost to deal with, but if you rent then you are getting nothing in return other than a place to live.
Think each prospect through carefully not only as it will affect you in the now but what effect it will have on you in the future.
The Positives of Renting
No big outlay of money:
If you look at a property that is for rent you are going to soon see that compared to paying a mortgage on that property it would be cheaper to rent it. You are not going to have to raise a large amount of cash.
Less monthly cost:
You are not going to be responsible for the additional costs that come with home ownership, such as the property tax and insurance, or the repairs and maintenance of the property.
Ideal location:
As a renter you may have more choices of choosing where you want to live, that is more convenient for you. Factors such as transportation, being close to your job and amenities are all things to be considered. Homes for sale that meet all of these criteria can be very costly.
More short term commitment:
You are not locked into a long term commitment with renting as you would be with a home purchase. You can negotiate the length of the rental lease, and once that time period expires you have the option of moving or re-negotiating a new lease. With a home ownership you always have the costs associated with selling it if you decide to. The housing market at that time would dictate both your costs and your selling price.
Being a renter allows you the flexibility of up a moving if circumstances change, like a new job location. There are usually ways to break a lease although there will be a fee involved.
Financial security:
You know what your costs are going to be each month and it is much easier to budget compared to a home owner. The costs of home ownership fluctuate. Taxes and maintenance costs go up, whereas rent is usually only increased when a new lease is negotiated.
The Negatives of Renting
You are paying each month for something that will never belong to you. At least when you are paying a mortgage you own the property and provided you keep in good standing with the payments someday the home will be entirely yours mortgage free. When renting you are still not setting down your roots in one place.
The economy is forever changing, and the trend seems to be going towards the fact that renters are on par financially with home owners in the long term. This has some mitigating factors to it however, such as other investments.
Renting comes with restrictions:
When renting a property it usually comes with a lot of restrictions. You can’t make any significant changes to the structure of the dwelling, and you may even have limitations when it comes to painting and any décor that would change the home from its existing condition. Often renters are not allowed to install components like ceiling fans or air conditioning, or even beef up the security of the home. Pets or smoking may not be allowed.
The long term negatives of renting:
If your intention is to rent long term which could take you into your retirement years, then you have to be sure that you will have enough income to afford the rent. For many who purchased their home it has been paid off and they longer have mortgage costs to deal with on a fixed income. Depending on the circumstances and what other investments have been made, renting may be the best option, but if income has been reduced it could mean having to move to a less affluent neighborhood.
The Positives of Buying
Ownership:
Eventually the property will become yours once it is paid in full and it will not become a cost that you need to consider in your retirement years. You will have built up equity in the home should you decide to sell it, and you could downsize and have some extra attainable cash.
Your personal touch:
Your home is purchased to do as you please with in regards to renovating, updating or decorating it. You have the option of making changes to the home if you are outgrowing it.
You are secure:
You have much more security with home ownership than you do with renting. Something unforeseen could arise where you are asked to vacate your rental property legally. This is not an issue with your home ownership. You make the decisions of what takes place in your home or who lives there. If you want to have pets or allowing smoking, that’s your choice.
The Negatives of Home Buying
You are faced with a substantial start-up cost that includes the down payment and the closing costs.
The maintenance and upkeep:
As the home owner you don’t have a landlord to turn to when the home is in need of repair. It is your responsibility to get it done and pay for it.
No guarantees on return on investment:
It depends on the location and the economy, in regards to what type of return you will get on your investment should you decide to sell. There will be a lot of factors that have to be considered when this time comes.
The choice of renting or buying is yours, but it is important to think each opportunity through carefully weighing out the pros and cons as they relate to you.
