Confused about the differences between buying and renting?

By
Real Estate Broker/Owner with Hamm Homes

Confused about the differences between buying and renting?

Buy:  Gain equity and tax advantages

           Invest in your own future

           Interest rates are still low compare to the 80's

           Paint and renovate  how you like

           Owning can cost at little as renting

Rent:  No matter what happens to the value of the property, you will never gain equity

           Limited ability to make property your own

           No tax advantage to renting

           It's your landlord's property, not yours

If your lease it within two months of ending ,call me and I will set you up with one of three lenders I work with and start looking for a home for you.

 

Comments (10)

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Seems there's no gain to renting Will. And, another big concern from tenants is that they can't change the paint colors!

Sep 10, 2022 08:35 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Sheila and Larry and you are so right about no gains in renting!

 

Sep 10, 2022 09:03 AM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Hi Will,
Spot on...
Under rent, I would add: "Pay your landlord's mortgage".

Sep 10, 2022 09:56 AM
Matthew Sturkie, CRS, GRI 909-969-3805
Action Realty - Apple Valley, CA
CRS, GRI 909-969-3805

Hi Will, Great post. The way I see it is: There are no such things as renters, there are only buyers. You're either buying the property for yourself or you're buying it for someone else.  

Sep 10, 2022 10:01 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Will - yes you nailed it and you should pay yourself first.

Sep 17, 2022 03:30 AM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

Good call to action for renters in your area!

Sep 17, 2022 04:37 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Will. Owning is the best option 99.44% of the time, just like Ivory soap is that pure. There are exceptions, but then again, too few to mention. Enjoy your day.

Sep 17, 2022 05:37 AM
Leanne Smith
Dirt Road Real Estate - Golden Valley, AZ
Relocation to NW AZ with elbow room & more freedom

Good morning, as Wayne Martin pointed out "owning is the best option 99.44% of the time just like Ivory soap is that pure."  Congratulations on the feature.

Sep 17, 2022 08:24 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Will:

Good information for renters to see and think about.  And as Kat said, a good call to action.

Jeff

Sep 18, 2022 01:12 PM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Some people do rent when it is a short term and they don't want to buy. For most, it is sound advice and makes for a healthier family life as well.

Sep 21, 2022 01:22 PM