Renting, on the other hand, is not as financially rewarding as buying a house. But renting does have its advantages: it may be cheaper and you have more freedom because you don't need to worry about maintenance or repairs.

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The decision to buy a house is not an easy one. It usually involves saving for a long time, taking on a mortgage loan, and often making renovations. The benefits of buying a house are numerous however.

Buying your own home provides you with security in the form of equity and principal pay offs. Renters don't get that sort of security because they must always worry about their landlords increasing their rent or selling the building.

Lastly, when you finally make the decision to buy your own home, it becomes yours - forever! You can't say that about renting because you never know when a landlord will eventually ask you to move out.