There are pros and cons of both renting and buying the property. You need to objectively check these out before making a decision on renting vs. buying. Here is a list of things you must consider.

Some pros of renting a property are as follows:

• For the amount of mortgage that you pay, you can probably rent a much bigger place when you rent. Also, the deposit amount for rental properties is much lower than the mortgage deposits.
• You can move out any time you want form the rental property and also you are flexible to upgrade or move to a lower grade set up anytime you want.
• You will have more money to save or spend.
• You are not responsible for the maintenance of the property.

Some of the disadvantages of renting are:

• You will need to move out when the landlord wants you to.
• You cannot make the changes you wish on the property.
• Rents are not deductible for taxes.
• You cannot make profit on the rental property.

The advantages of buying a property are:

• The mortgage payments and interest paid on the mortgage is tax deductible
• Every two years, you can enjoy capital gains from the property by selling it.
• You purchase the property using a down payment; and the remaining money can be paid in installments.
• A property is always an investment.

Some of the disadvantages of buying the property are:

• You have to live in the same place for a long time.
• Your property may depreciate, and you can incur losses.
• You will spend a lot of money on landlord's insurance and other property insurance payments that you make every month.
• You will also have to spend money regularly for the upkeep of the property.

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