This debate has gone on since the dawn of mortgage and debt options. It stretches into every category of high-priced necessities (Cars, phones, real estate, outdoor toys).
We won’t be going into the pros and cons of any of these other methods of modern living. However, we’ll dive into Buying vs Renting real estate!
Reasons for Buying:
1. Building equity – not throwing money away towards rent!
2. Owning real estate is the #1 factor towards building a portfolio of wealth.
3. Do anything you want to the property. IT’S YOURS! Customize, customize, customize.
4. Tax benefits – You can write off the mortgage interest.
5. Fixed mortgage payment for 30 years, not paying a rising rent fee.
6. You potentially own an appreciating asset.
7. Forced Savings! Your property is worth a lot! The more you put in, the more you can get out eventually!
8. No landlords!
9. When buying, you have the opportunity to take advantage of low-interest rates and prices.
10. Choose your own location.
Reasons for Renting:
- HOA takes care of everything.
- If you’re not staying in the area very long it might make sense to rent instead of buy.
That’s about it.
With that looming list of goodies, why are you still sitting there? Go and buy!
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