For many Americans, the decision between buying vs renting is a major life event. Owning a home is an essential part of the American dream. It provides a number of economic benefits, such as the ability to accumulate wealth and access credit by building home equity, reduce housing costs through the mortgage interest deduction, and gain long-term savings over the cost of renting. However, the reality is there are pros and cons for buying a house. Understanding them can help you make the best decision for your  goals. 

Pros for Buying  

This might seem obvious, but there are 3 main reasons to buy a home.

1. Financial Advantages –  A home is an asset which should appreciate over time, providing  wealth building opportunities.  
2. Pride of Ownership –  As a home owner, you control the environment in which you live. If  you want those purple walls or granite countertop….you can do it. 
3. Roots – Regardless of whether you have children, there is a natural desire to be part of a  community: to have a local coffee shop, dry cleaners, bar. 

Cons for Buying

As with all things, there are considerations which mean this isn’t the right time to buy a home.

1. Increased Monthly Costs –  While not always the case, in most instances your monthly  mortgage will be larger than comparable rent.
2. Freedom – A renter can move from one city or state to another very easily which allows  you to move when you need/want to. 
3. Upkeep – You are responsible for the repairs and upkeep of the property. Unexpected  problems can become quite expensive if you are unprepared. 

There are some wonderful reasons to buy a home and some very good ones to rent as well. Before you decide that it’s time to buy, give some thought to your lifestyle and goals, if they are in line with the advantages of home ownership, then it’s time to go house hunting. 

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