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Rent or Own: What's Your Preference?

Following are pros and cons of renting an apartment versus buying a home. If you're ready to buy, come to UW Credit Union. We'll help you choose the home loan that's perfect for your situation. Then it's up to you to pick the perfect home!

Rent

Pros		Cons
+	No closing costs	-	No investment value, not a way to build wealth
+	Down payment is refunded (unless applied to damages)	-	Cannot borrow against the equity (home equity loan)
+	Not responsible for major repairs and appliances	-	Restricted in making changes, both inside and outside
+	May not be responsible to furnish the dwelling	-	May not meet your space needs
+	Insurance coverage usually costs less	-	May not be convenient to reach the outdoors
+	Usually takes less time to find and rent	-	May not be aesthetically pleasing
+	Not responsible for lawn maintenance	-	No lawn maintenance (if you enjoy it)
+	Easier to change locations

Own

Pros		Cons
+	Freedom to make permanent changes	-	Takes longer to choose and buy
+	Build equity, potential to build wealth	-	Closing costs
+	Can borrow against equity (home equity loan)	-	Down payment usually required
+	Interest is usually tax deductible (consult advisor)	-	Responsible for major repairs and appliances
+	May provide more living and recreational space	-	Responsible to furnish the dwelling
+	Easier to go outdoors	-	Insurance coverage usually costs more
+	Can choose aesthetically pleasing atmosphere	-	Pay more in property taxes
+	Lawn care maintenance (if you enjoy it)	-	Lawn maintenance (if you don't enjoy it)
+	Not required to resign a lease each year
+	No threat of being evicted by a landlord