Looking to move into your next home but not sure whether or not buying is for you?
Did you know that there are now more US households occupied by renters than there has been in the past 50 years?
Deciding whether to rent or buy is a tough decision, no matter the reason that you are moving. Read on for 6 reasons to rent instead of buy while you search for your next home!
Whether you’re moving to a new area or just looking for a new apartment or house, committing to a thirty-year mortgage can be daunting.
When choosing to rent instead of buy, there is increased flexibility.
Most leases last twelve months and some allow you to go month-to-month with no contract.
If you’ll need to relocate in the near future for whatever and don’t want to deal with the hassle of selling a property, renting may be the better option!
2. Not Financially Ready
Just as purchasing a home comes with low flexibility, a mortgage can be a financially risky undertaking. Maybe your credit isn’t good enough or you’re simply not ready to commit to the upfront costs of owning a home.
If you’re in this transitory stage of living, it may be best to wait to purchase a home.
3. Irregular Income or Lack of Savings
Even if you’ve been preapproved for a mortgage and feel like you’re ready to commit to buying a home, you should consider renting if your income isn’t always regular.
For example, if you run your own business as a freelancer or don’t have an emergency fund in place, it might be wise to save money by renting rather than commit yourself to regular, heavy expenses.
4. Inflated Housing Market
In addition to your own financial situation, analyzing the housing market in your area can reveal why it might not be the right time to buy.
Even if you think you’re financially prepared to buy a home, it’s better to ride out an inflated market with overpriced homes by renting.
Compare prices of homes on the market vs the monthly costs of renting to get an idea of how the market is trending.
5. You Don’t Want To Deal with Maintenance
If you’re not particularly good with tools and repairs, or you don’t see yourself being home often to deal with maintenance, you might want to consider renting.
Maintenance duties in apartment buildings usually go to the staff and are often covered by monthly rent.
6. Other Priorities
Renting can offer you to let other priorities have influence over where you live.
For example, if you want to live near your workplace or close to your family and friends, but can’t find a property to buy, you’ll likely have a much easier time finding an apartment to rent.
Should You Rent Instead of Buy?
These 6 reasons to rent instead of buy are just a few of the things you should consider when searching for an apartment, condo, or house.
Are you currently renting? Why did you choose to rent over buying? Let us know in the comments!
Looking for your dream apartment? Contact us today to see if we have the perfect place for you!