Advantages to Buying
1.Appreciation , here in Tzfat in recent years we have seen double digit increases yearly. Historically Tzfat has been cheap housing. The gap seems to be closing.
2.You will be able to modify or remodel to fit your needs. Many American's are not satisfied with the simple kitchens and bathrooms and lack of closets that are normal here in Tzfat.
3.Bring all of your stuff here all at once. So many of us have to store our belongings until we find a place large enough here. I know, we all have to much stuff.
4.Security that you own something and will not need to move. Moving is expensive in Israel.
5.Makes life here feel permanent, especially if you always owned your own home in America. Until you buy it feels temporary.
Advantages to Renting
1.Much cheaper to rent relative to buying. So it makes the financial pressure less as you start to integrate life in the middle east.Allows you to explore work and income here to really understand what you will be able to afford long term.
2.Easy to move to a different part of the city to avail yourself and family to better access to , schools, synagogues, shopping, etc. Maybe you will find that a car is not necessary here for your family.
3.You can move away from that crazy neighbor, and live more peacefully. Or the noises of the building or the school bells, whatever irritates you about your rental location.
4.If you are looking for work and find it outside of Tzfat you will have a much easier exit strategy. It is very common to sub-lease rentals out here until the lease expires.
5.If mold is a big concern or yours, better to spend a few years fighting mold before you own it.