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Should I Rent or Buy?

Naturally, the decision to rent or buy a home is a personal one and there are no one-size-fits-all answers. However, the following table provides a few things to consider as you make your decision.

Should I Rent or Buy?

Considerations If You Rent If You Buy
Costs Deposit, monthly rent payment, renters' insurance and utilities. Down payment, closing costs, insurance, property taxes, utilities, homeowners' association (HOA) fees and more.
Payments Rent can go up at the end of your lease. Fixed-rate mortgages stay the same, but taxes and insurance may increase.
Tax Savings None. Mortgage interest, taxes and most mortgage loan points are tax deductible.
Equity None. May increase with every mortgagepayment, depending on the terms of the property you loan; may go up if your home increases in value and may drop if your homedecreases in value.
Moving Easy to move out; possible cost if you move before the lease is up; landlord may ask you to move at the end of a lease. A “military” clause in the lease or renter's agreement should allow you—without penalty—to break the agreement if you are transferred or decideto move on base before the lease ends. Consider having your base housing office review the lease before you sign it. Takes time and costs money to sell;can be rented, but you will have tomanage the property from your newlocation or pay someone to do it for you.

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