RENTING VS. BUYING
Introduction
Given the hefty upfront costs associated with purchasing a home, most young people begin their independent lives renting an apartment. As they build careers, save money, and start families, many choose to buy a home.
Costs of Owning Your Home Upfront & Closing Costs
Recurring Costs
Special or One-Time Costs
Advantages of Buying Building Equity Over Time Tax Benefits
Potential for Rental Income
Disadvantages of Buying Potential for Financial Loss High Upfront Costs Responsibility for Maintenance and Repairs
Costs of Renting Your Home
Upfront Costs
Recurring Costs
Advantages of Renting Relocating Is Easier Some Utilities May Be Included No Responsibility for Maintenance or Repairs
Disadvantages of Renting No Equity Building Limited Housing Security
No Federal Tax Benefits
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