What are some differences between working on a purchased property versus leasing?
What are some differences between working on a purchased property versus leasing?
Working on a purchased property typically gives the owner complete control over modifications, renovations, and long-term value appreciation. Owners are responsible for maintenance and can choose when to sell. In contrast, leasing a property means you're subject to the terms of a lease agreement, and cannot make major changes to the property. Leasing offers flexibility, especially for those not wanting to commit to long-term ownership, but it lacks the equity-building potential of owning a property. Leasers usually don't have the same tax advantages as homeowners and have fewer long-term financial incentives.