To lease or to purchase a house is a choice that involves prospective financial repercussions and the ability to shape one’s life for years to come. Each affair has its pros and cons: While telecommuting increases one’s independence and flexibility, it is disadvantageous in that it may lead to social isolation.

Own a home provides a way to gain equity gradually, that is a good thing. When you are paying your mortgage, you have the property that you can sell and get good cash as it may gain value in the market. Conclusively, home ownership offers independence and is also a flexible form of residency where one can make modifications to the house according to one’s wishes. However, this is not all good news because owning a home means taking up responsibilities that include maintaining the house, remodeling or repairing it, not forgetting to also pay property taxes.

On the other hand, in rent or lease instance, it provides flexibility with little investment expenses required. It is also good to note that renters do not pay for maintenance and repairs and they also do not stay put for a long time as they can move out whenever they wish to. Additionally, renting can also become more economical in the short run, not to mention the fact that one is not locked into paying for a mortgage.

The purchase or rent decision should be based on one’s ability to pay for a home, his or her ideal lifestyle, and long term life plans. If you are looking for stability, an increase in your net worth, and the capability to financially invest in a property, then purchase is best for you. But, if one wants more freedom, less investment at the start, and fewer accountability chances, then, rent may be the better solution.

One should then take the time to evaluate the advantages and disadvantages of each to come up with an informed decision, perhaps seeking the assistance of a financial expert or a real estate agent. In the end, the right choice means that choice has to fit with your financial and personal needs and expectations.