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.