The Pros and Cons of Renting Vs. Owning a Home

When making the decision to buy or rent, there are many things to consider. Many of us have been renters our entire lives, but are ready to make the leap and become a homeowner. Before making the decision to invest in real estate, consider the following advantages and disadvantages to see what makes the most sense for you financially, as well as what works best with your current lifestyle.
While buying a home is definitely a new responsibility, it can be a very rewarding and financially sound investment. Consider your current financial situation as well as your lifestyle to decide if it makes sense for you. Can you afford to make a down payment, pay a monthly mortgage and pay for any items that break or need repairs in your home? Do you plan to stay in the same place for the next few years? If not, can you sublet or lease out the apartment? These are some of the questions to consider before making the leap from renting to homeownership.