Which is better between buying and renting a house?

Renting

• Costs

  Cheaper upfront costs and your deposit may be returned

• Wealth

  No opportunity for wealth accumulation

• Responsibility

  The renter is not responsible for maintenance

• Flexibility

  Freedom to move

Buying

• Costs

Higher upfront and ongoing costs

• Wealth

Opportunity for wealth accumulation and tax breaks

• Responsibility

The buyer is responsible for maintaining the home

• Flexibility

Freedom to remodel at will

Building Wealth

You'll build equity in your home as you pay down your mortgage balance. Equity also increases as your home value goes up due to your local real estate market. Home equity adds to your net worth and can serve as collateral for a loan or line of credit if you need to borrow money in the future.

Responsibility for Repairs and Maintenance

Owning a home is a major commitment. Ryan McCarty, CFP and owner of McCarty Money Matters, says the first question he asks young buyers is whether they're ready for the responsibility. You're fully responsible for maintenance and upkeep as a homeowner, whether that means doing the work yourself or hiring a professional.

Flexibility To Make Changes

Renting is a more flexible option if you think you might want to move in the future. You can move at the end of your lease, or you can break your lease and pay any fee that's called for in your rental agreement if your job changes or you want to relocate.

But renting generally means that you have to accept the space as is. You don't have much flexibility to make cosmetic changes to the premises. You have creative freedom over your living space as a homeowner. You can paint, redesign, or remodel the interior however you like without anyone's approval or consent.

Homeownership doesn't provide much flexibility when it comes to relocating, either. You'd have to sell or rent your home, or even leave it vacant. But homeownership does protect you from the risk and consequences of eviction. And you have full control over when you leave the home, if ever, McCarty notes, assuming you don't default on your mortgage.

How To Decide If You Should Rent or Buy

Understanding how both renting and buying will impact you financially is a major part of making the decision. Comparing your local market rent to your estimated mortgage payment can give you an idea of which option is better for you.

So at Hambra Business group S.C we have the best option for home buyers, which is an interest-free Payment Method  up to  7 years monthly Payment. this gives the home buyers  the advantage of owning home with flexible way of payment.