There are a lot of considerations to make when you are looking for a new place to live. What neighborhood should you live in? How much space do you need? Do you want a big yard? How close should your house be to your neighbors? There are also financial considerations to make, most of which have to do with whether you decide to rent or buy.
If you buy a home your payments will likely stay the same over time and you will get a tax break. But you will also be responsible for maintenance and repairs. So if your furnace goes out right before Christmas you’d better have a backup plan in place for Santa Claus.
Renting can be a cheaper alternative to buying. You don’t have to shell out for expensive home repairs and maintenance. You also might have access to a pool, fitness center, or a laundry facility, further stretching your money. But you may not be able to decorate the way you want to. It’s a trade off. Learn more about the pros and cons of renting versus buying from this infographic.