The debate continues

Renting doesn’t require certain big responsibilities, such as mowing a lawn, cleaning out gutters, or fixing a furnace. When you rent, your landlord handles those everyday annoyances. But if you own a place, you deal with them — plus you shell out the money to pay for them. Depending on the kind of home you own and where you live, you can spend thousands of dollars in annual maintenance costs pretty quickly.

On the other hand, you might be ready to buy. Buying a home may make sense if you plan to stay in your community for at least five years, if you’re already starting a family and need the extra room you can often get by owning, or you’re settling into a career you like.

But hold on. To even consider buying a home, you must also be in strong financial shape — not just able to make the down payment and write monthly mortgage checks, but also able to pay for regular maintenance, homeowners insurance, and property taxes. These additional monthly costs of homeownership can total as much as your mortgage payment.

But if you are in fact up for it, one of the major benefits to owning a home is that you may get some financial breaks on your property taxes and the interest you pay on your mortgage. And your home can be an excellent investment when house or condo prices go up. When you do sell some day, your home may be worth far more than you paid for it. But as with any investment, there’s no guarantee.