obligations. However, be prepared to wait for something to be fixed. Even if you don’t have to foot the bill, there’s a chance that there’s a waiting list of repairs that need to be made for other tenants first. 2. Upfront and closing costs. Buying a home involves many upfront and closing costs, including earnest money, down payment, home inspection and appraisal, first year’s homeowner’s insurance, property taxes, real estate agent commission, attorney’s fees; the list goes on. Some buyers think only about the purchase price, down payment, and monthly mortgage payments and forget about these other important fees. Renter advantage: Renters don’t need to worry about upfront and closing costs; they just need to go through the application and approval process and be able to pay their monthly rent. 3. Relocation Inflexibility: Once you’ve purchased a home, it becomes trickier (and a lengthier, more complicated process) to sell and move than it is to break a rental lease. You need to prepare your home for showings, remove all your clutter and start packing, find a new place to live while putting your home on the market for a hopefully quick sale, and deal with potential issues like paying the mortgage while waiting for your home to sell. Renter advantage: Depending on the situation and contract you have with the landlord, moving — whether for work, travel, or family obligations — simply requires giving
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