Lately I have had the pleasure of conversing with a few people about Renting Vs. Buying. There are many different thoughts that support each side of the discussion. In order to get a thorough grasp on an idea or plan of action, it is good to look at it from many different view points and consider the pros and cons of any decision made. Depending on your specific scenario, renting very well may be better than buying or vice versa. This is not to sway you either way, but to give you some thoughts to consider as you make that decision for yourself!!!

Pros of Renting:

The major maintenance is not on you as a tenant. You may have to keep the property maintained, as far as cutting the grass, shoveling the side walk, or things of that nature. Major issues and repairs, on the other hand, are generally the responsibility of the owner. Which means, you don’t have to shell out money to get that new refrigerator, or spend money to get the A/C unit updated.
You are NOT responsible for HOA or Condo dues. Those dues could possibly add a couple thousand dollars on to your annual housing expense.
You do not have a long commitment time to a rental property. You can sign a lease in some circumstances for as short as 6 months. If you decide you don’t really like that area, for whatever reason, you can leave after that 6 month period. If you purchase a property and then 6 months later, buyers remorse sets in, it won’t be as easy to sell it and move.
It fulfills an immediate need for shelter. You’ve got to live somewhere right!?

Cons of Renting:

You are limited in the changes that YOU can make to the property. If you think you would function better in the kitchen by moving the range onto the island, keep thinking. Or if you want to remove that wall that separates the 2 bedrooms, so it’ll give you more space, let yourself down easy.
You can not realize a long term benefit of the money that you put into the home. The money that you have given to the owner/landlord, is gone, and you will not see any of that money flow back to you at any point.
The rent can go up, whether you like it or not. The land lord can increase the rent and your 2 options would either be to agree with the increase, or find a new place to live.

Cons of Buying:

You have a higher financial responsibility when you are a homeowner. When you first embark on home ownership you will more than likely have to come up with a sometimes sizable downpayment (There are some programs where you can purchase with as little as 3% or no money down).
As a home owner, you will be responsible for those lovely HOA/Condo dues.

Maintenance of property is on you to do or either contract out to get done. Now as homeowner, you are responsible to take care of issues that arise. That leaky faucet, it’s on you now. That refrigerator that needs replacing, it
It's not as easy to just move, when you have a mortgage. When you own the home, if you want to pick up and move it’s not as easy. You’ll have to decide whether to sell it or rent it out. Then, it could take a while to find an buyer or tenant.

Pros to Buying:

Over time, the money you put into the house grow and you will have put equity in the home. In time you could use that money to do other things like finance a remodel in your home. You would want to talk to a mortgage professional for more information.
You could use your house as an investment. Renting rooms, basements, or the whole home is an option. You could make some improvements to the house to increase the value, and then sell it, hopefully for a profit.
When you own the home you can pass it on to your family.
Of course you are still filling that immediate need of a roof over your head!!

There is no blanket answer, to the question Should I rent or Should I buy?. Talk to a CPA, Mortgage banker, real estate agent, and other professionals. Tell them your concerns and goals and get consultation from them. Take the time to really consider what outcome you are looking for, weigh your options, and make a decision!!