Buying Versus Renting

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Buying Versus Renting

Buying versus Renting

Usually, if you can come up with a down payment then buying is your best option. However, this may not apply to everyone. Consider the following:

Renters ...

Neither gain equity, nor lose it. Despite any improvements renters make to their homes -- and regardless of any outside influences that would cause the property value to increase -- renters will never gain equity.

Renters put little money up front.

Reap no tax advantages. Any and all tax breaks and other tax-associated advantages are enjoyed by landlords.

Are often restricted from making modifications such as painting walls (some landlords will allow renters to paint their walls only if they paint them white again before they vacate their homes).

Can merely pack up and leave upon the expiration of their leases. They don't face the hassle of finding a buyer and waiting until a sale takes place.

Face much less work in maintaining their homes, inside and out. In many multifamily properties, they enjoy the convenience of a full-time maintenance staff to handle appliance repairs and other minor repairs.

Buyers ...

Often gain equity. However, they can also lose it. Their equity can also remain static.

Must go through the process of selling their homes and finding a buyer, either with a Realtor's help or not, if they elect to move out of their homes.

Must put down a greater amount of money (a substantial down payment) than a renter, who merely pays a security deposit and first/last month's rent.

Are subject to variable costs in the absence of documentation that keeps costs fixed.

Must either perform maintenance/repairs on their own or using the services of a professional whom they hire and pay themselves. Buyers are fully responsible for any and all repairs.

Are free to paint, redecorate and remodel their homes as often as they wish.

Enjoy the tax breaks and other tax advantages associated with homeownership.

Build equity regardless of whether the value of their homes increases over time.

Eventually own their homes and are free of a monthly mortgage payment.

After reviewing this comparison, you may feel that neither buying nor renting is the "perfect" choice. We should then consider your lifestyle -- including such factors as the stability of your career, how often you travel for business and whether or not you plan to reside in your current hometown for a long period of time -- either choice has plenty of valid advantages. Here is a calculator that will help you crunch the numbers in determining whether you’re better prepared to rent or buy.

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About The Action Group

JOE THYNE I joined the military on April 27, 1988 on my 17th birthday (with a waiver signed by my parents). In my military career, I progressed through the ranks first as an E-1 (Private) up to an E-5 (Sergeant).
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Information on this site deemed suitable but not guaranteed for Fort Hood, Harker Heights, Killeen, Copperas Cove, ft. hood, Kempner, Nolanville, Belton, Temple, Holland, Lampasas Real Estate & homes. MLS multiple listing Service data here is provided by outside real estate firms. This covers MLS residential or commercial homes in cities for real estate, such as in Fort Hood, Harker Heights, Killeen, Copperas Cove, ft. hood, Kempner, Nolanville, Belton, Temple, Holland, Lampasas MLS Data here Is useful to buy or sell MLS 1031 homes or other real estate homes, Condos, town homes in Fort Hood, Harker Heights, Killeen, Copperas Cove, ft. hood, Kempner, Nolanville, Belton, Temple, Holland, Lampasas Texas. MLS Transactions are from Texas Realtors, agents, buyers, seller or sellers or real estate agents of Fort Hood, Harker Heights, Killeen, Copperas Cove, ft. hood, Kempner, Nolanville, Belton, Temple, Holland, Lampasas MLS homes of a Realtor® or other buyer or seller. Home data here helps people in IRC, 1031, property, property exchange dealing in MLS real estate and homes and real estate properties in Fort Hood, Harker Heights, Killeen, Copperas Cove, ft. hood, Kempner, Nolanville, Belton, Temple, Holland, Lampasas. Sale can be by Exchangors, exchangers, brokers In MLS real estate for IRC/1031 property exchange or selling a home or condo or town home real estate or condo real estate item. Data helps find MLS homes, condo or real estate town homes, MLS, or residential real estate other properties in Fort Hood, Harker Heights, Killeen, Copperas Cove, ft. hood, Kempner, Nolanville, Belton, Temple, Holland, Lampasas. Joe Thyne serves these cities as a Realtor® and Broker Associate. He serves real estate clients looking for homes and condos and town homes and lots and property in Fort Hood, Harker Heights, Killeen, Copperas Cove, ft. hood, Kempner, Nolanville, Belton, Temple, Holland, Lampasas and nearby cities, supplying MLS and school Information. His real estate buyers and sellers in Fort Hood, Harker Heights, Killeen, Copperas Cove, ft. hood, Kempner, Nolanville, Belton, Temple, Holland, Lampasas are legion.