What are the benefits of buying vs renting?

Buying vs renting is a case-by-case basis for most situations, but there are certainly benefits of both.

Here is a helpful tool that can help you budget and decide what is best for you.

Buy Rent Calculator

 

The benefits of buying include:

  • Tax Savings
  • Stability – fixed mortgage payments versus possible increase in rent over years
  • Equity
  • Secondary Income – when you own a property, you can use it to rent out space to tenants

 

The benefits of renting include:

  • Flexibility – there are short term and long term leases that give you the chance to leave and move around more frequently with less headache
  • Little Maintenance – landlords typically pay for upkeep and repairs made in rental units
  • Possible utility coverage – in some instances, landlords will include utilities like heat and hot water in the rental cost
About the Author

Real estate professional Joshua Stephens is a vice president at Warren Residential’s Berkshire Hathaway Home Services. Stephens joined the company in 2013 and quickly distinguished himself as a motivated innovator.

Joshua has experience in every aspect of residential real estate in Greater Boston and has had the pleasure of working with the area’s buyers, sellers, investors, and developers.

He has been awarded many honors for his work in both real estate and as a community developer and advocate. In 2017, he was chosen to serve on the Berkshire Hathaway HomeServices national REthink Council, a position bestowed by BHHS executives to 15 agents among thousands of applicants. Although Berkshire Hathaway is known for hiring the finest and most capable individuals, Joshua has continued to set himself apart time and again.

In addition to his work in real estate, Joshua is involved in a number of local organizations and charities. In 2016, he was instrumental in conceptualizing and developing Business Networking International (BNI) Prospect Hill, an organization that connects local business professionals and entrepreneurs, and currently is president of the group.

A resident of Massachusetts, Joshua believes that connecting his clients with ideal communities is both a priority and privilege. He sees his role as a Realtor as about more than simply facilitating the buying and selling of property, but rather serving as lifelong advisor. Due to this, Joshua is able to alleviate the typical burdens of moving and assure the experience is one that lets the sensation of being in the perfect place, at the perfect time, truly resonate.