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Phone: 979-693-0201 Email: [email protected]

Myke Leatham | Brazos County Realty

Myke Leatham | Brazos County Realty

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The Pros and Cons of Renting

November 15, 2020 by Myke Leatham

To rent or to buy, that is the question. We all need to have a roof over our heads and a safe space to call home, but home can mean many different things – it can be a townhome, a condominium, an apartment or a single-family residence. All of these different types of properties can be rented or owned and there are various pros and cons to consider for both options. There’s no clear answer to whether renting or owning a property is a better option, and that’s because the best choice is the one that fits your current needs and lifestyle best. For example, a young college student with a busy schedule of schoolwork, extracurricular activities and a part-time job doesn’t have the time or mindshare to worry about being a homeowner, which means that renting an apartment alone or a house with roommates is a better option. On the other hand, a family of four with solid and reliable income might choose to buy and own a home instead of renting. While there are various pros and cons of renting and owning it ultimately comes down to your personal needs, your goals and your financial situation. 

In this post we’re going to explore and take a deep dive into the pros and cons of renting – our goal is to provide current and relevant information and education so that you can make an informed decision for your unique situation. If you need additional guidance and support or you have questions about renting or buying a home in College Station, we strongly encourage you to contact us so we can discuss your needs and help you. 

The Pros of Renting

The “American Dream” dictates that homeownership is the ultimate goal – and while being a homeowner is something that most people strive for, it may not be the best option for everyone. If you are someone who enjoys traveling a lot, moves around for work or you simply can’t stay in one place for too long then owning a property is not right for you. In general, renting is ideal for people who are in need of a short-term home. If you are planning on staying in one place for less than five years, then renting is the way to go. Check out some of the top benefits and pros of renting versus owning a home.

  • Flexibility & Freedom

When you are renting a home, apartment or condo then you can easily pick up and move whenever you want to. Even though you will have a lease in place, if you want to break it early there are ways to lessen the penalties and work your way out of it if you wanted to. Breaking a lease early is significantly easier than going through the process of selling your home. Most lease agreements are put in place for 12 months and after that you could negotiate to sign a six-month lease, or even go month-to-month – this is something you will have to work out with your landlord or the property management company the landlord works with.

  • Low Maintenance & Little Responsibility

When you rent a property, you are responsible for keeping it clean and damage-free, which would be the same as owning your own home. The difference is that if something major breaks and needs to be fixed – like the roof, HVAC system, plumbing issues, etc. – these are the responsibility of the landlord or property management company. As a renter all you have to do if you are experiencing issues with your property, no matter what the problem is, is to contact your landlord and ask them to fix it. 

  • The Ability to Save Money 

One of the major pros of renting versus buying is that you know exactly how much you will need to pay every month. You are not responsible for maintenance costs like a gardener or pool cleaning service, no additional taxes or fees, certain utilities may be included in your rent and there are no surprise costs. Additionally, rent is significantly lower than a mortgage and you are not responsible for homeowner’s insurance or property taxes. All of this means that you can budget and save your money so that when you are ready to buy a home you will be mentally and financially prepared. 

The Cons of Renting

As you can see, renting provides a lot of freedom – freedom to move and the opportunity to save your money. While this set up might be ideal for many people, it’s also not the best option for everyone. Let’s take a look at what some of the downsides to renting are.

  • You Don’t Build Equity

When you buy a property you immediately begin building equity and your money is being invested in a way that will hopefully bring you a decent return in the future if you choose to sell it. And if you don’t ever sell then you will have the benefit of owning a home and not carry any debt, or if you find yourself in need of a loan you can borrow from your home. The monthly payments you make towards your home are not an expense, but rather you are paying down the debt you owe on your loan. 

  • No Customization & Personalization

Most landlords will not give you the option to paint the walls, change the flooring or otherwise alter the rental property in any way apart from hanging pictures and art on the walls. The only way you might be able to personalize a rental is if you ask for permission from the landlord and agree to restore it back to what it looked like before you made any changes before you move out. When you own a property, you have the freedom to design it as you wish and also alter the design, color and lay out as often as you want to. Although renovations can get expensive, if you do it right then you will be adding value to and investing in your home.

  • No Tax Benefits

As a homeowner you get to take advantage of certain tax deductions that can give you a decent break and even a return. As a renter you don’t have the opportunity to claim these deductions. 

  • Bad Landlords

The good thing about renting a property is that you can turn over any major issues and complaints to the landlord and they will have to fix it or deal with it one way or another. On the other hand, the world is full of bad landlords and your health, safety and happiness as a tenant can be very dependent on this individual. Some landlords may not respond to your concerns or take too long to fix issues or manage repairs. If you feel that your landlord is taking advantage or not meeting expectations make sure to look into what your rights are as a renter and tenant. 

  • Various Restrictions

When you live in a rental – whether it’s a house or an apartment – you have the follow the rules of the landlord or those set forth by building management. These may include noise restrictions, a limit on guests, no pets or other rules that you have to agree to. 

  • Payments Never End

We mentioned that as a renter you don’t build any equity, but the other thing you have to remember is that your rent payments will never stop. Even though 30 years is a very long time to pay off a mortgage, if you stay consistent you will eventually pay off your home and no longer have to make those payments. As a renter you won’t get relief from monthly payments – even when you retire you will have to keep paying your landlord for as long as you occupy the space. Additionally, your rent can and most likely will rise year after year. 

There are various pros and cons to being a homeowner as well, but whether you choose to rent or buy a property simply depends on your unique financial situation and your lifestyle. We encourage you to take a look at the current available rental properties on our website or if you can’t find something that catches your eye then please contact us so we can help you find the perfect rental to fit your needs. Our team has more than 25 years of experience in the real estate industry and we’ve assisted clients ranging from first time home buyers, veteran sellers as well as experienced investors. If owning a home is not something that is right for you, but you’re interested in learning how to invest in real estate we can help you out and get you set up for success as an investor. We look forward to hearing from you, answering your questions and earning your business. 

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Category: Blog

About Myke Leatham

I’m so glad you found me – your College Station and Bryan, TX real estate source! When you choose to buy or sell a home in College Station/Bryan, TX or other surrounding areas using our expert services, you will receive a free consultation to determine your needs, free listings, and free reports sent to you by email. These weekly reports will show you how hard the members of my team are working to accomplish your property goals, and we guarantee the best service and consultation you have ever experienced. You’ll find the best community information for the College Station, Texas region right here.

It’s nice to know YOUR Realtor will still be of service after the sale.

Experience Counts: Broker/Owner of Brazos County Realty
Over 25 years of sales experience. With past ABR, GRI, CRS, & Epro designations.
Continuing education in real estate: Education is paramount in an ever changing industry like Real Estate. Myke has taken over 1000 hours of real estate specific courses which include but are not limited to: Residential Appraisal, Marketing, Law Contracts I & II, Finance, Residential Inspections, Principles and Practice, Law of Agency, Code of Ethics, Bankruptcy/Easements/Surveys/and Probate, Home Warranties, 1031 Exchanges and hundreds of hours of extensive real estate training.

Reputation: SALES LEADER since 1998; Top Producer 2000 through 2009. Listed among the top agents in the county. Consistently ranked among top realtors for total sales volume out of 900 realtors for commercial and residential real estate in the Bryan/College Station, TX area. When Myke represents buyers, she presents all viable options to her clients, including those properties that are not officially listed, but could be available for sale based on her inside information. Her expertise lies with investors and marketing homes of all price ranges in College Station/Bryan to local, national and global buyers, across all major media channels and through her extensive, personal network of contacts.

Myke is among the top 1% of all Realtors in North America!
She has earned the Designations of ABR (Accredited Buyers Representative), CRS(Certified Residential Specialist), GRI (Graduate of Realtors Institute)CHMS (Certified Home Marketing Specialist), and E-pro (Certified Internet Professional)
Fewer than 3% of all Realtors nationwide earn these certifications. They are not only a symbol of Myke’s commitment to this business, but these designations are your assurance of a skilled, trained real estate professional.

Myke is a consummate real estate professional who not only understands the art of deal-making, but also the art of relationships. She makes the process of buying and selling homes an uplifting and fun experience. She has a tremendous appreciation for Bryan and College Station, its rich history, and Texas A&M traditions having lived in the area for 25 years. Her knowledge of Bryan/College Station’s real estate market and market trends is unparalleled. Having been personally involved with clients through their remodeling, purchasing and selling processes, she knows intrinsic quality and value when she sees it. When she doesn’t see it she lets her clients know, without hesitation.
Myke’s proven track record and affiliations in the field of real estate demonstrates her high level of professionalism.

* High energy and enthusiasm
* Aggressive marketing
* Expert negotiating skills
* Ability to listen and ascertain customer’s desires and needs
* Fun to be with
* Internet savvy
* Because Myke is an experienced investor, she quickly helps her customers locate and define good business opportunities. No one likes the feeling of being ‘sold to’ so Myke provides as much information as possible to help you make the right decision.

Personal Commitment:
I am prepared to go the ‘Extra Mile’ for you, because I understand the financial and emotional significance of purchasing and selling your home. I will carefully listen to your desires and arrive at a workable plan. I believe sensitivity, listening, and service are important keys to success.
Whether you are buying or selling a home or you are just curious about your home’s market value, I’d be happy to provide my market expertise and intelectual property without obligation, or meet with you to evaluate your home for future reference. I want my customers to have a great time and enjoy the total process of purchasing or selling property. It gives me great pride when my customerspass my name on to their friends and family. I will continue to work hard to make sure critical information is available at www.AggieRealEstate.com and I invite all interested investors to search my site for cash flow opportunities. I will dedicate my time and talents to helping you achieve your goals. It is my goal to make your buying and selling experience extraordinary. Look closely and you’ll see how much I love meeting and working with people. You’ll experience the difference in working with an experienced and dedicated professional.

Personal information:
Michelle goes by ‘Myke’ and is the proud mother of 6 children – 3 girls and 3 boys. Her husband is David Leatham. They met at Brigham Young University. They have been married since 1977. David is a finance professor, and Associate Head over graduate studies in the Agricultural Economics Department at Texas A&M University, and speaks fluent Spanish. They have lived in College Station since 1983 and loved every minute of it. Myke loves to quilt, sing, swim, ‘sing’, bake bread, ‘sing,’ garden, ‘sing’, sell real estate, and ‘sing some more’ :-). Family, church, and real estate consume most of her time. Truth, honor, integrity, kindness, loyalty, gratitude, and service are very important words to her.

Slogan: ‘Let Myke Help You With Your HOMEwork!’

Referrals: The highest compliment I can get is when you pass my name on to others or post a kind remark on the internet. When you send your friends and family my way, I’ll always provide them with the highest quality of service that I know you would appreciate. Thanks in advance for all your support and friendship.

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