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Renting VS Buying

The decision between renting or buying a house should take into account the length of time you plan to stay in a particular area. In general, if you expect to stay in the same location for a longer period of time, it is more cost-effective to purchase a home. This is because the value of the home tends to increase over time, and the expenses associated with buying and selling a home (which can amount to around 5% of the property's selling price) are spread out over a longer period. These expenses can include real estate agent commissions and legal fees for the seller, and closing costs such as land transfer taxes and legal fees for the buyer.