If you are currently renting a home and the lease is up, it is not uncommon for the idea of purchasing a home instead of signing another lease to pop into your mind. Renting and/or owning both have their advantages and disadvantages. It depends on which option is right for you.

Renting

1. When the lease is up you can just move You don't have to find a buyer for the home, you don't have to hold open houses, there is no need to worry about curb appeal. Just pack up your stuff and move on.
2. Cash Upfront The cash upfront that is required to rent is condsiderably less than the cash up front if you are looking to purchase a home. The typical rental requires first months rent, last months rent and a security deposit that is normally no more than one months rent. For a home that is selling for $250,000 the down payment can range from $8,750 to $50,000 to purchase the home.
3. No equity loss You will never lose equity while renting a house.
4. Less Maintenance You will generally have less maintenance issues to worry about if you are renting a home or an apartment.

Buying

1. Equity gain You have the abilty to earn equity when you buy a house.
2. Tax breaks There are many tax deductions that can be claimed at the end of the year as a home owner.
3. Freedom You have the freedom to make any changes to the house that you like. Unlike renting a home, you can paint your bedrooms purple if you want to.
4. CreditOwning a home is a great way to build your credit.

Whether you choose to rent or to purchase a home, the choice depends on your needs as an individual, both options have pros and cons. Choose wisely!