Rent VS Buy

The ultimate real estate question for many – is it more effective to rent or buy a home? I get this question more often than you think when working with new clients. Many are torn about what to do and what’s most cost effective for their wallet. I’ve broken down the differences between renting and buying, so you make the decision!

RENTING:

There are so many reasons why people rent. However is it worth it in the long term? Renting means you’re “borrowing” the home. It doesn’t necessarily belong to you. It’s like leasing a car – you’re only borrowing it until your lease is up, then you have to give it back in the same condition that you originally received it in. Before you do anything to the home, you have to ask the landlord to approve the project. This could be anything from building a new patio cover, to changing the A/C unit, to painting the bathroom that light shade of blue you’ve always wanted. If the landlord doesn’t approve of it, you can’t do it. In addition, you never see the equity- someone else is always benefitting. The home doesn’t belong to you, therefore someone else is benefiting. Buying a home is a lifetime investment, and if you’re renting the home, you don’t get any of those benefits.

BUYING:

It’s yours. You’re not borrowing the home – you flat out own it. What could be better than that? You can make changes and alterations as you with. You don’t need to ask for approval from anyone (well, maybe you’re significant other…) and you can decorate and design how you please. What’s better than that? You are able to entertain guests how you like, and have as much privacy as you wish. Plus, you get those great income tax advantages you don’t get when you’re renting. And those pets…all yours!

For more rent vs buying tips, please email us at admin@nissourealty.com! Leave a comment and let us know how we can help you buy a home!

Your Local Real Estate Expert,