Buying a Home vs Renting a Home (Barber Shop Brawl)
In real estate; "should you buy a home or rent a home?" is an age old question that normally sparks debate to even the most uncontroversial of us.
I took my son to his regular barber in Pembroke Pines yesterday to get his usual "fade". As I sat in my usual spot in the corner by the window; engrossed in a novel; I suddenly realized that a group of men were heatedly debating whether it was better to rent or buy a home.
At first I ignored them or tried to because loud talking or informal debates were the "norm" every time we paid a visit to the barber shop. However; this time it was different; they were actually discussing real estate; something I could not only relate to, but offer free expert advice.
As I listened and tried to make sense of what was being said it almost seemed CoMicAL; as there appeared to be no rhyme or reason to the informal debate that had ignited the booming chaos that the men had created. There had to have been about a dozen of them.
Speaking LOUDLY and out of turn; it was obvious that they were passionate about real estate or at least whether it was better to buy or rent a home. I sat anxiously twisting and turning in my chair with my own personal debate; "should I add my two-cents or just continue to enjoy the debate in silence." Realizing that I wasn't going to get a word in edgewise without screaming to the top of my lungs; I chose the latter since jumping in would've only added to the chaos.
Consequently; it seemed that some of the guys thought buying a home was better than renting because you would eventually own it. One guy figured that he doesn't want all of the headache that comes with owning a home so he would rather rent a home and buy a new car. His theory was that life is short so why invest in real estate; you won't be able to take the home with you when you die.
Weird theory I know but his opinion is his opinion. Or is it? Maybe it's just a bad case of misinformation. Below are just a few reasons why buying a home in Pembroke Pines Florida, or anywhere else for that matter is better than renting a home:
*tax breaks (gotta LOVE those)
*home equity (you can borrow against this)
*you have more flexibility in regard to cosmetic decisions
*you can rent it out and build an investment portfolio
*build your investment portfolio for a solid retirement plan
*you have a solid investment to pass onto your kids or loved ones
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