Renting vs Buying

One of the main reasons to buy in Las Vegas right now (August 2020) is because the cost of buying is so good right now. Interest rates are at an all time low. Harvey explains in this video about this article he read from Fidelity that reviews this formula; if you take your annual rent, divide it by the price of a home purchase, if that number is less than 20, then you should buy. If the number is more than 20, then you should rent. Regardless of when you do buy, it’s a good plan and idea to stay there for at least 5 years. To build some equity. If you do spend a few hundred dollars more on buying, you are actually saving and earning money. If you are renting and tell yourself that you will put that few hundred dollars away, the chances of any of us doing that is slim, lol. Rents are actually going up in Las Vegas also. Another good reason to purchase a home and lock in your payment for 30 years. Amanda makes a good point on renting a home; you are not able to make any modifications. It’s not necessarily your home to alter. Amanda also discusses our growing Las Vegas valley. We are not just a casino town. We are a sports town. We have great music events and Amazon just made a huge impact with jobs, etc. Covid has effected the way a lot of people look at their home and feel, and Harvey and Amanda believe that some of these changes are here to stay.
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