Deciding whether to buy or to rent can be a tricky decision. When the housing market is so complicated, where do you even start? Considering these tips will help you figure out what the best choice is for you and your family.

When deciding whether to rent or buy, you need to consider the type of freedom you’re most interested in. Buying a house allows you the freedom to do what you want with the property. But at the same time, paying mortgage payments can be difficult.

On the other hand, renting allows you the freedom to move around with no strings attached. But even though you won’t have to deal with selling a home if you decide to move, it can sometimes be tricky and costly to get out of a contract early.

Cost is one of the biggest factors to consider when it comes to renting versus buying. While buying a house allows you to build credit, build equity, and potentially gain tax benefits, it can also involve risking falling home value and added cost in the form of property care.

On the other hand, renting can allow you to pay less upfront costs and to have less responsibility over the property’s care. But you should still remember that you may end up having to pay for more expenses than initially thought. For example, your deposit return is not guaranteed, especially if there has been some damage to the house.

In addition to thinking about costs, it’s also important to think about what kind of modifications you are interested in making on your home. If you are the type of person that prefers to be able to change the paint, remodel the kitchen, and change out appliances, then buying a home may give you the freedom to upgrade your home as you wish.

On the other hand, if you’re content with making smaller changes to a home or apartment, renting can be a lower cost option for you. Though you won’t be able to modify the home, you will also not be fiscally responsible for repairs while you would be if you were a homeowner.

Figuring out whether to rent or to buy can be tricky. With so many pros and cons to both options, where do you start? Beginning with these suggestions can help you get a grip on the best option for you.

If you’ve decided buying is right for you, start your search here!