Kevin Kalligher of RE/MAX Results share his insights into the big question: Is it better to rent or buy?

What are the Pros of renting?

1. The price you pay is the price you pay – generally there aren’t any additional costs other than one monthly payment. Maybe utilities.
2. The cost of rent is going to be less than the cost of buying on average
3. Very little responsibility for repairs
4. No major up front costs
5. You have flexibility and can up and leave once lease is up

What are the Cons?

1. You are at the mercy of the landlord if they decide to increase rent each year
2. You have no freedom to customize the home how you want it. 
3. No equity being built through monthly payments

What are the Cons of owning?

1. Down payment amount: Yyou’re tying up a lot of funds up front that might be spent elsewhere, but you could look at that as a forced savings account.
2. Then you have to consider your monthly payment and interest rate- which right now is higher than it has ever been in history
3. Property Tax amount
4. Home owners insurance 
5. Repairs and maintenance: Roofs, hot water heaters, etc.

What are the Pros?

1. You lock in your monthly cost until the home is paid off
2. You get to customize it how you want, paint,  have as many pets as you want
3. Building equity with each monthly payment and appreciation 
4. You get to own it – theres this sense of freedom to own your own home