Barbara Corcoran of 'Shark Tank' breaks down whether to buy or rent

The businesswoman shares her top tips for deciding when you should buy or rent, for everything from clothing to furniture to homes.
3:00 | 11/28/17

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Transcript for Barbara Corcoran of 'Shark Tank' breaks down whether to buy or rent
Now we're getting tips from the "Shark tank." How many types you asked yourself whether it's better to buy or rent something? Well, "Shark tank's" Barbara Corcoran is here with all the answers, Barbara, thank you for coming to the show. My pleasure. We got our money parties money wheels all lined up with all the categories. We have the button here. You push the button. If hands are ready. Audience has paddles to buy or rent. Go ahead and hit that first button. Get ready. There we go. Spin that wheel. All right. Your home. Homes. Audience, how many of you think -- who thinks it's better to buy or rent? What do you think? Buy or rent. Everyone says buy. Wow. Wow. We have two rents and the rest are buy. So, Barbara, what is the answer? Obviously you're all correct. But if you're going to be in the home for more than five years it always pays to buy when you do the math on it. But, but, but a lot of people you don't have the money for the cash down payment, you don't -- you can't afford the mortgage or the closing costs which are always paid up front and for that situation, of course, it's better to rent because it's cheaper. Yeah, a lot of millennials Renning probably because of that reason. You know what, a lot of millennials are renting because they're paying off a lot of student debt. That's a tremendous burden. They're also starting families later and so they wait but that's never a good idea. What you have to do with the real estate game is buy your first thing, buy a studio now versus waiting for your two-bedroom three years at and puts you at the real estate table and gives you something to trade up on. A quick category. Bam. I'm going to do it. Going to be closing. Clothing, buy or rent? Rent. Buy. Everybody says buy. Very quick. What we got. Depends how often you use it. Buy a great glablazer. Get married, $1500 is a wedding dress, you could rent the same thing for 425. "Star wars" Daisy Ridley is

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