Buy vs rent

Buy vs rent

What do we say when an out of town Buyer, who is looking to buy says, "We can always rent." I think we are hearing this more because of the bad housing market and prospects understandable concern about finding a great house. I wanted to write down my thoughts on this and forward them on- we need good answers to this. I hear this fairly often, and I've never had one rent on me, maybe it is because I did just that once, and I know it was a mistake. This is pretty close to my standard response is, given when a I have time to complete- like between houses, but only after a short pause, "Well of course you can rent as a backup plan, there are plenty of places to rent, but I think it is the worst possible outcome for a variety of reasons, let me explain why." 1. First off, who wants to move twice? you've thought of this but have you calculated the additional expense? 2. But possibly much worse, since you are renting, you won't want to put down any roots. Your apartment will be bare bones, nothing on the walls- and meeting neighbors? Why bother since you won't be here in a few months. You'll be in a new city, and might feel like a fish out of water. 3. If your children are in schools, then you have to decide NOW where you want them to be in schools and that means where you want to buy- so they don't have to change schools Again. If you decide now that you want them to go to XYZ elementary- then you need to find a rental that goes to XYZ elementary- make sense? And if you decide now that it is XYZ elementary- then lets go buy something in XYZ elementary, at least let's make and offer. 4. Last, would you say the move to Charlotte is a big decision for your family? It is for most people. But when you rent, after planning to buy, your move decision is like this: It is like going to the pool, going to a high dive, look down at the water, come back down the stairs and put a foot in to see how warm it is-- what I'm saying is when renting there is no commitment- and you are leaving an area where you are comfortable and know where everything is, and are moving to a new area where you know where nothing is, and adds to the difficulty a lot because again, you won't be there that long. Did I say last? Oh besides the point that home prices are at their lowest in a decade, and interest rates are ridiculously low with only one way they'll go- a year from now odds are very good you'll be able to buy LESS house. "Yes renting is a back up plan, there are always houses to rent, but lets keep focused on finding the best neighborhoods and some good houses for you..." First Home Buyer Rebate


Connie Massetti Headshot
Author:
Phone: 704-340-5967
Dated: July 29th 2011
Views: 2,335
About Connie: Licensed agent assistant who coordinates with McDonald Group clients and agents during all aspects o...

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