My New Outside Blog: Renting vs. Purchasing, which is better?

Renting vs. Purchasing, which is better?

Renting versus buying...sometimes buying is better.

Renting is usually better when housing costs are very high. You all know who you are.

However around here there are some pretty good deals on homes that make owning very worthwhile. Tucson AZ has got some really advantageous pricing going on right now, in many parts of town.

Call your favorite REALTOR for more information on home prices in your area.

Renting vs. Purchasing, which is better?

I recently came across an article on CNN Money, which talked about how to calculate whether you should be renting or purchasing a home. It referenced taking the purchase price of a home, and dividing it by the annual rent of a similar property. If the number exceeds 15, then you should rent as it will cost you less over time. If it is below 15, then you should investigate purchasing.

Although I am not sure this formula will work in every situation, I do think it is a good starting point for potential buyers to use to when determining which path to go down (renting vs. owning)

What are your thoughts?

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Tom Bashe, Broker/Owner, SCA Real Estate

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Comment balloon 4 commentsJon Quist • January 26 2011 03:50AM

Comments

Jon, looks like you and I both liked and re-blogged this. I think purchasing looks good in your area.

Posted by MichelleCherie Carr Crowe Just Call...408-252-8900, Family Helping Families Buy & Sell Homes 40+ Years (Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty) about 9 years ago

Purchasing... Often!  Accumulate assets and secure your retirement with real estate!

Posted by Cameron Novak, Featured Corona Real Estate Agent Team (The Homefinding Center) about 9 years ago

Hi Jon, purchasing makes sense for people who will be remaining in an area for a long period.

Posted by Dan Edward Phillips, Humboldt and Del Norte Counties, CA (Dan Edward Phillips, Humboldt and Del Norte Counties, CA) about 9 years ago

Jon,

If ya ain't got any money.... rent!

If you got money and can afford it....buy!

It isn't too hard to figure out.

Posted by Art Hademan (Century 21 Real Estate Center) about 9 years ago

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