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Published on 17 January 2022
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Homebuying vs Renting
What you should know before buying a home
What every homeowner should know!
Advantages of Homeownership
Greater control over living environment.
Avoid inspections by landlord.
Modify home to suit personal preferences.
Potential Tax Benefits.
Build wealth via home equity
Disadvantages of Homeownership
Missed payments result in loss of property
Must bide by HOA rules, if applicable
Must pay for all maintenance costs
Advantages of Renting
Typically lower costs
Only responsible for rent and utilities. No taxes or maintenance fees.
Easy to move once lease is expired
Opportunity to learn neighborhood before committing to it
Disadvantages of Renting
Lack of privacy
No financial benefit
Summary Advantages and Disadvantages of Renting vs Buying
Advantages Buying: Buying: Building Wealth Reduced Tax Liability Renting: Low costs No long-term commitment
Disadvantages Buying: Potential of foreclosure Responsible for all maintenance Renting: Lack of stability No financial benefit
You have finished Module 1 of the PrePurchase Training entitled: Rent versus Buy!!
At the end of this video, there is a short Knowledge check. Upon completion, you can move on to Module 2: The Homebuying Team