Real Estate Myth - It’s cheaper to rent than buying a home!!

Real Estate Myth - It’s cheaper to rent than buying a home!!

Today's myth is it's cheaper to rent than buy a home? Is that myth true? Welcome to today's episode of Myth versus the Truth.

Now, let's think about this. Why would some people think that it's better to rent versus buying? We can discuss one aspect of it, such as repairs. Some people think that owning a property any repairs would be too expensive and it would come out of their pockets and it would be non-affordable. And, if they rented a property, they just pick up the phone, dial the landlord and the landlord would come rushing over to do any maintenance necessary to the property. Yes, the repairs could be a big aspect of this particular subject. Because in today's life we are busy with the family, kids, work, and on top of that if we have to go to the Home Depot and or even call a maintenance guy and, be at home, watch what they're doing, it is. But that is not it.

So let's see the other side we can talk about it. Yeah, we admit when you add principal interest Insurance taxes, you can find a little bit of a bigger side. If you buy a home, then it rent. But this is just right now, today. You have to look at the bigger picture. You have to look at the future. For 30 years you will have the same payment. Do you agree that the rent will stay the same for 30 years? I don't think so. Absolutely correct. Being a homeowner, would allow you to have your fixed payment for 30 years. The same payment for 30 years, like Sadie mentioned. Will the rent stay the same for 30 years? I don't think so. Also keep in mind you pay your mortgage 30 years, and on the 31st year, what happens? No more payment. However, renting that's forever. Absolutely. Correct.

What Chantale and Sadie just did mention it. Yeah, there is a little bit of a headache you will have to maintain your own home, because it's your home, but that's why the homeownership is American Dream because you can do so many things. But Chantale was mentioning that there will be a day, you own that Home Free and Clear, no more payment. Think about that bigger picture. the other thing is, if you build up Equity, you can do so many things for your family with that equity. You can do investment. You can do so many things. 

So it's not about looking at the smaller picture now. It is about looking at the bigger picture. And if you want to know a little bit about homeownership, call the expert Realtor. I hope you found this information helpful to get you to that path and to the final end to homeownership. I hope you enjoy this episode of Myth versus the truth.