Question

What are the advantages and disadvantages of owning vs renting a home? This is for Culinary.

Answer 1

Homeownership advantages

Privacy

Usually a good investment

More stable housing costs from year to year

Pride in ownership and strong community ties

Tax incentives

Equity buildup (savings)

Disadvantages: home ownership

Long-term commitment

Maintenance and repair costs

Lack of flexibility

Usually more expensive than renting

High up-front costs

Foreclosure

Renting: advantages

Lower housing costs

Shorter-term commitment

No/minimal maintenance and repair costs

Renting:disadvantages

No tax incentives

No fixed housing costs

No building of equity

Hope this helps b <3