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What are the advantages and disadvantages of buying a home versus renting?

Trent Ziegler (Broker/Owner)

Coulee Real Estate & Property Management LLC

I am biased toward home ownership, but renting can be a better idea under certain circumstances. 

Home ownership pros: Can be an investment that will likely increase in value. Can have all the pets that you wish

Tax benefits, like deducting mortgage interest. Ability to make improvements or decorate the way an owner wants

Home ownership cons: Maintaining a home can be expensive. Owning makes you less mobile as a home is not a liquid asset.

Renting pros: More flexibility to move “month to month” lease. Landlord responsible for repairs and maintenance

Renting cons: Cannot build equity. No tax benefits. Landlord approval for changes. Landlord can typically give tenant 30 day notice (if not in a lease).

Diane Schultz- 1^st Community Credit Union

If you’ve paid monthly rent of $700 over the past 3 years, you’ve already spent over $25,000 on your housing. Some Rent payments equal a house payment, and rent is 100% interest which means you’re putting that money into your landlord’s pocket instead of putting it into building up Equity in your Home. 

If you are in the right place in your life where you are ready to be a homeowner, it is the best advantage to invest in yourself by purchasing a home.  Start small and build your investment from there.

Mary Schleicher (Broker/ Owner) 

Hometown Real Estate         

The plus side of home ownership. It feels good to own your own home, but not just for the tax benefits you receive. Over time you are building equity and creating leverage to borrow money. Plus, long time financial security with a fixed mortgage guarantees the same monthly payment. Rents can increase with each lease renewal. Home Ownership is your investment, not the landlord’s.

There is a sense of pride in owning your home with the freedom of creating your own space, having a garden, adding an extra room or painting without a landlord’s approval.   

Phillip Brueggen (Agent)

Simonson Real Estate & Auction Service

Many factors arise when deciding to rent or own a house. Each option has its own set of pros and cons that should be carefully evaluated. Renting a house offers more flexibility and less responsibility than owning, but it can also mean less control over the property and less long-term financial benefits.

Owning a house, on the other hand, provides a sense of security and the opportunity to build wealth through property equity, but it also comes with significant financial commitments and maintenance responsibilities.

Ultimately, the choice between renting and owning a house will depend on individual circumstances and priorities.