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Buying vs Renting


These are the pros and cons of buying vs renting: 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


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