To rent or to own – that is the question. Renting seems appealing at first for many people because that is what they have always done. Buying land for sale can seem more intimidating for people who are unfamiliar with it. There are actually many differences between renting and owning that make owning much more inviting.
When you rent, you have no control over the property. You have few choices about how you will use the land for sale or anything on it. You are at the mercy of the owner, and you must get approval for anything you want to do. If you own the property, on the other hand, you can do anything that is legal on your own land. You do not have to ask permission.
Profits and Payments
When you buy land for sale, you receive the lion’s share of the profits made on that land. If you use the land yourself, the profits are all yours and you do not have to take out a portion to pay rent. Or, you may rent out your land for someone else to use, but that person has to pay you rent. You still see profits from the land each and every month. You pay for it once, and then it is yours to keep.
When you rent, the land itself is simply a drain on your resources. The payment is a necessary evil you must pay in order to use the land to make your own money. Purchasing the land for sale can stop that outflow of money very quickly.
Buying land for sale is an investment into the future. Renting is for the moment. There is no long-term commitment, but there is also no reason to believe that you will profit from the land in the years to come.
The one bright point of renting is that you do not have to pay property taxes. The thing about taxes for owners, though, is that there are tax breaks for buyers. In the end, you stand to profit greatly from buying and owning land for sale.