Buying
- Less freedom in moving
- Responsible for all improvements and repairs
- Possibility of using the property for an unlimited period
- Sense of ownership, stability and community
- Possible appreciation/gains, making home ownership an excellent investment
- Freedom of renovating the property
- Responsible for property taxes and condo fees
- Possibility of paying property expenses with the rent
- Possibility of deducting the condominium expenses and the property tax from taxation
- Possibility of deducting mortgage loan interest in taxation
- Possibility of generating a monthly income through renting out houses or apartments
Renting
- Flexibility, possibility of moving easily from place-to-place
- Not responsible for major repairs
- It allows renter to experience living in a residential area with no ties
- Lease renewals are up to the owner
- Money spent without building your own wealth
- Inability to modify the properties without the owner’s permission
- Not responsible for property taxes and condo fees
- Possibility of annual rent increases
- Provides no tax benefits