Oct 26 2007
“Buy, Rent or lease option?” Part 3: Renting
This is something that was given to us by the OAPERI, located in Bend, Oregon. We have found it very informative, and so therefore are putting up the info here as part of a series (”Buy, Rent or lease option?”).
RENTING
Financially speaking, maintenance is not very much a concern. It is the landlord’s responsibility to fix the plumbing if something breaks down. Moving is easer when you rent. Of course, this depends on the amount of belongings you have, but generally speaking, people who rent tend to have less “stuff” than people who own. Extra fees are usually nonexistent.
While some landlords require tenants to have renter’s insurance, the premiums are much lower than homeowner’s insurance. When you rent, all you have to worry about is the rent and utilities. And you also have to consider that rents generally go up. That means that you will likely be paying more rent next year.
On the down side, you could rent a home for thirty years and not realize and appreciation or profit. If you had bought rather than rented, in thirty years, you would have a pretty sizable asset. I have one tenant who has rented from me for more than 15 years. He has paid for my property. The value of the property has gone from $25,000 to $250,000.
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