ARE YOU UNSURE WHICH IS A BETTER OPTION?
By necessity, more people are considering renting, at least temporarily, as an alternative to buying in a housing market where sales have slowed but prices have for the most part continued to edge higher.
This may be frustrating while buyers feel renting is dead money read our seven advantages to renting.
1 – Deposit– If you move into rented, the saving the saving you make could go towards a deposit for when you buy, saving you any unnecessary financial pressure.
2 – Area – If you are new to the area you can rent and get to know the area before making the commitment of buying
3 – Less Responsibility – When you rent a home or apartment, most of the responsibility is on the owner’s shoulders. This means that if a pipe bursts and damages the sheetrock inside the home, you’re not likely to have to pay to replace it. However, if you own a house and the same thing happens, the repair bills will come right out of your pocket. Usually, when you rent a house, you’re responsible for minor maintenance such as changing the filters in the AC unit and replacing light bulbs. However, once you’ve purchased a house, everything falls on you.
4 – More Freedom – When you rent a house or apartment, you’ll likely sign a six-month or one-year lease. This means that you’re tied to that place for at least that amount of time. Once the time is up, you can move to another location if you choose, or you can renew your lease, provided the landlord agrees. However, when you purchase a home, you are tied to that house for the term of your loan, which is often 20 to 30 years. That is, of course, unless you have the money to purchase a home outright, which most people don’t. You may also sell the home, but you are subject to the whims of the housing market.
5 – No Financing – Most individuals who purchase a home need to obtain some type of financing, which usually comes in the form of a loan. There is a long, drawn-out process involved in getting a loan and this sometimes includes exorbitant interest rates. When you rent a home, you don’t have to worry about financing.
6 – Short-Term Housing Needs – Renting is best for short-term housing needs, such as those who are attending college or individuals who are in or plan on going in the military. Renting allows you to move easily when you plan on relocating. However, if you purchase a home, you will have to go through the process of selling it or at least maintaining it, which can be frustrating.
7 – Save Money – A monthly rental can be significantly less than a monthly mortgage repayment for a similar property in the same location.
Contact our office if you would like to discuss our range of current rental properties which we have available