Pros and Cons of Leasing vs Buying a Home

Pros of Leasing:

  • No down payment is required.
  • Monthly payments are usually lower than for a mortgage.
  • The lease agreement may be shorter than the mortgage amortization period.

Cons of Leasing:

  • You don’t own anything at the end of the lease period.
  • You may not be able to make changes to the property.

Pros of Buying:

  • You own the property at the end of the mortgage period.
  • You can make changes to the property as you wish.

Cons of Buying:

  • A large down payment is usually required upfront.
  • Monthly mortgage payments are usually higher than for a rental lease.
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