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This is a quote from Grant Cardone. Tbh I'm not a big fan of him. But this seems to be what what most property entrepreneurs are thinking. Just keen to hear the community's views about it. I came across a good Youtube video from a guy who claims to the opposite (given the low interest rate environment, he has specific numbers that show that one should buy instead of rent) ...
P.S. I've been a long-term reader of the forum but this is my first post ...
Personally I am going to try this strategy for myself! I'm still trying to work out the negatives and I worry why so few people actually do this.
My biggest worry I guess is with me having a young family, renting instead of owning my home will mean I won't have a stable base and potentially may have o move quite a bit.
Wonderful to see your first post on Property Tribes!
I suppose this quote is down to peoples living and personal circumstances. As some might live in areas where it is easy for them to buy property and so do, whereas others may not be able to afford where they live but can afford somewhere else.
Would be interesting to see how others agree or disagree with this quote. What do you yourself think Plazza?
Transparency notice: OneandOnlyPro is a commercial partner of Property Tribes.
Interesting post, in some areas it can be cheaper to rent as opose to buy, but in others it's the opposite.....
The biggest negative as ttspropertyuk mentioned is having a young family and not a stable base.....as a letting agent I have seen 1st hand the stress and upheaval it has caused families over the last 12 months when Landlords that have been long standing deceiding to sell up, in my area there just isn't the good quaility family houses coming onto the rental market there used to be.
East & North Yorkshire
I could be coming to this decision myself soon, but accidentally! Price drop so dramatic re my London flat that I'd be better to hang on to it, let it and have to rent myself. Agree with other posters re lack of stability if one is renting and obviously you can't add value to a rental home, nor really bring any design flair you have to bear, not really. Could only stomach it as a temporary thing on a needs-must basis!
I rent in North London which is expensive but I also have a BTL in a different area. Renting for me is a short term position as I'm completely out-priced in North London. Looking to purchase in the next 5 years outside of London when the kids are a bit older and out of high school and the property cheaper. In the interim I can work on developing my property business alongside my day job.
I'm lucky to have a responsible and responsive landlord where I'm living with my wife and kids.I don't have the time to fix stuff like I use to this helps with maintenance issues.
I have rarely seen a situation where it is better to rent than buy.. especially with interest rates so low. I'm firmly on the side of maximising leverage wherever you can. Smallest deposit with the biggest mortgage you can afford.