Jun
27
2016

Should I buy or Rent?

Posted 3 years 85 days ago ago by SuperUser Account

At one time or another, we’ve all asked the question, should I buy or should I rent, and fortunately or unfortunately depending how you look at it, there is no one size fits all answer.

This question is a bit loaded in that it really is multiple questions tied in one, which are:

1. Emotionally do I want to buy or rent?
2. Financially is it in my best interest to buy or rent?

As the emotional component of any subject requires careful physiological investigation, I’ll leave it for another time and focus on “Financially is it in my best interest to buy or rent?”. Yes, in this case I’m taking the path of least resistance. But before I move on, I want to encourage all realtors out there to make sure that you understand your client’s emotional needs as it relates to buying and selling, you’ll find that in most cases that the emotional needs and or desires will trump the logical ones, and they will serve you well if you understand what they are.

As of the writing of this post, in my opinion if you are financially able, it makes more sense to buy vs. renting. You’d be hard pressed to find a 3 bedroom, 2 bath house for rent for $1,500.00 or less in my local area. When using a buy vs. rent calculator such as the one located here at smartasset https://smartasset.com/mortgage/rent-vs-buy#9Aitm7x5Fi you’d see that it would only take 4 short years for the purchase of a $250,000 house with 5% down to make more financial sense to buy than to rent taking into consideration today’s rates and other economic factors.

Lastly and personally, the biggest advantage of owning vs. renting is the fact that once your loan term has been completed if financed, your monthly obligation to maintain your home is significantly reduced whereas your rental cost will not just stay the same, it will increase and have a damaging affect on your fixed income, or worst yet, require you to continue working past your retirement age simply to pay for your cost of living.



“Together, let’s make Pasco County great!”





Recent Articles
Strategic Default 3 years 265 days ago
Mortgage Help Extended! 3 years 259 days ago
Goals, Goals, Goals, and more Goals 3 years 257 days ago
I'm still here.... 3 years 235 days ago
Needs vs. Wants 3 years 125 days ago
Is your personal residence an Asset or a Liability? 3 years 123 days ago
Interest Rates 3 years 104 days ago
Should I buy or Rent? 3 years 85 days ago
Subscribe
Local Real Estate News

Empty Property + Realtor Showing = Safety Risk

Fri, 20 Sep 19 14:09:52 +0500

When showing an empty property, Realtors should take a handful of simple steps to mitigate the possibility of a possible attack or theft.

Latest Marketing Trend: Reducing Stress for Buyers and Sellers

Fri, 20 Sep 19 14:09:43 +0500

Buying or selling a home is a high-stress process that many people hate – hence the appeal of many iBuyers. As a result, more brokers are creating programs to simplify the process for sellers as a way to gain an edge in the marketplace.

Fla. Senators Introduce the ‘Canadian Snowbirds Act’

Fri, 20 Sep 19 14:09:39 +0500

Senate Bill 2507, introduced by Scott and Rubio, would allow Canadian snowbirds to stay in the U.S. for up to eight months – an increase from the current six months.

‘Will You Lower Your Commission?’ – How to Respond

Fri, 20 Sep 19 14:09:37 +0500

Start by listening to a seller’s questions and empathizing. Once you understand the reason they’re asking the question, it’s easier to respond appropriately.

Corcoran Group Cyberattack an Industry Wake-Up Call

Fri, 20 Sep 19 14:09:34 +0500

While business hacking can put client data at risk, it can have other motives – like hurting a business by sharing corporate info with rank-and-file workers.

Contact

 

Cecilio (Tony) Thomas

Future Home Realty

13029 W. Linebaugh Ave

Suite 101 Tampa, FL. 33626

727.207.2978

cecilio.thomas@IsItTime2Sell.com

"Your neighborhood Realtor..."