Actually these two are highly disparate questions. The big advantage with renting is that you will be free of most of the maintenance costs and responsibilities that come with owning a home. But by renting, you lose the chance to build equity, take advantage of tax benefits and insulate yourself from rent increases. Also you may not have the right to decorate as you like without permission and will always be at the mercy of the home owner when it comes to terminating the rental lease. As you can see, owning a home has many advantages. Everytime you make an EMI payment you are building equity and that becomes an investment. By owning a home you are also entitled to tax breaks that will help you in dealing with your new financial responsibilities such as – insurance, real estate taxes and maintenance which can be large and substantial. But when compared to the freedom, stability and the security of owning your own home, the decision to buy a home becomes a worthy decision.
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