Rent vs. Buy

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Rent vs. Buy Door Mind Map: Rent vs. Buy

1. Buying

1.1. Cost?

1.1.1. budget

1.2. Location

1.2.1. Schools?

1.2.2. Urban vs. Rural

1.2.3. parks

1.2.4. miles to occupation

1.2.4.1. transportation costs

1.2.5. Occupation outlook?

1.3. Mortgage

1.3.1. down payment?

1.3.1.1. 10%-20%

1.3.2. Principal vs. Interest

1.3.3. Term and % rate

1.4. Up-Keep

1.4.1. lawn

1.4.2. Snow removal

1.4.3. roof

1.4.4. heating/plumbing

1.4.5. contractor services $$$

1.5. Assett

1.5.1. Long term investment

1.5.1.1. scarcity

1.5.1.1.1. Land is limited

1.5.1.2. collateral

1.5.1.2.1. use for other loans

1.5.1.3. Inheritance for offspring

1.5.1.4. tax write off

1.5.1.5. stablitity

1.5.2. Liquidity

1.5.2.1. Depends on housing market

1.6. Taxes

1.6.1. School

1.6.2. Land

1.7. IT IS YOURS!!!

1.8. Amenities

1.8.1. # Bedrooms

1.8.2. # Bathrooms

1.8.3. Sq. Ft?

1.8.4. Condition?

1.8.4.1. New

1.8.4.2. Renovated

1.8.4.3. Classic

1.8.5. Style of House

1.8.5.1. Victorian

1.8.5.2. Ranch

1.8.5.3. Log Cabin

1.8.5.4. Contemporary

1.8.5.5. Cape Cod

1.8.5.6. etc...

1.9. build or purchase?

2. Renting

2.1. Pets?

2.1.1. yes

2.1.2. no

2.2. Cost?

2.2.1. Utilities

2.2.1.1. Snow

2.2.1.2. Lawn

2.2.1.3. Garbage

2.2.1.4. Heat

2.2.1.5. Internet

2.2.1.6. electricity

2.2.1.7. Cable

2.2.2. Rent

2.3. Parking

2.3.1. On road

2.3.2. Off Road

2.4. Amenities

2.4.1. # Bathrooms

2.4.2. # Bedrooms

2.4.3. Sq. Ft?

2.4.4. Refrigerator

2.4.5. Washer/Dryer

2.4.6. Dishwasher

2.4.7. What Floor?

2.5. Style

2.5.1. Condo

2.5.2. Apartment

2.5.3. House

2.5.4. duplex

2.6. No Assets over time gained

2.6.1. no long term gain

2.7. Noisey Neighbors

2.8. Shared living spaces

2.9. rent could increase over time

2.10. No maintenance or up keep