When renting there are typically no maintenance chores or costs. Renters miss out on tax deductions by virtue of Mortgage interest paid and property taxes paid. Renters will not build any equity while homeowners do build equity. Note that up until the last 12 months homes nationwide were appreciating at almost record rates. The tight credit market and sub-prime mortgage crisis has cut into that trend significantly. Renters may not be able to decorate the way they wish, while homeowners in most instances may do as they want. Home owners associations may have some influence on certain aspects of how a homeowner chooses color or style of fence etc. Most professionals would say that owning is better than renting. It depends on the circumstances of the buyer. Anyone interested in finding out more of the upside and disadvantages of home ownership should find a competent experienced Realtor and have a thorough discussion.
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