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Buying a home is better than renting

By
Real Estate Broker/Owner with Fierce Realty Corp RM424134

Buying a home can be better than renting in some situations. Overall, I like to say buying over renting, but the statement that "renting is throwing away money" is not necessarily true. Are you shocked that a real estate agent can even utter those words? Well, let me give you three reasons why I believe buying a home can be better than renting in some situations.

1. In order to purchase a home, you must be emotionally ready for this life changing event. Life changing because a lot of your free time will go towards the care and maintenance of your home. You will spend weekends raking leaves, cutting grass, cleaning gutters, and time and money on home improvement projects. 

2. It will take you anywhere from 5-20 years to build up significant equity in your home.  The majority of your mortgage payments will go towards interest in the first 10 years.

3. There are other expenses to consider besides interest. You must also pay homeowners insurance, property, and school taxes.

With that being said, homeownership can be a very lucrative investment if you plan of living in  one place for 2 years or more.  It is also a great investment for you if you do not invest in anything else, like the stock market while you are renting. Homeownership can be a forced, systematic investment plan. Renting should only be done on a short term basis and also in conjunction with an profitable investment plan. 

For more information on renting vs buying, please reach out to me with any questions

Comments (5)

Marco Giancola
Beachfront Realty - Miami Beach, FL
Realtor (305)608-1922, Miami Beach Florida

Hey Deborah-yes! Owning is better than renting! Good luck here and welcome!

Dec 09, 2016 10:29 AM
Pat Champion
John Roberts Realty - Eustis, FL
Call the "CHAMPION" for all your real estate needs

Great post buying a home can be better than renting; of course, this depends upon the individual and their circumstances. Thanks for sharing I hope you have a great weekend.

Dec 09, 2016 11:19 AM
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I agree also, buying is cheaper in the long run if you have the ambition to do the upkeep.  Otherwise, rent from me and buy me the house.

Dec 09, 2016 12:12 PM
John Pusa
Glendale, CA

Deborah Spence These re very good tips for buying a home better than renting.

Dec 09, 2016 04:43 PM
Roy Kelley
Retired - Gaithersburg, MD

This is very good information to share with those who are renting.

Have a most productive December.

Dec 12, 2016 03:29 AM