Renting May Be Best For You!
Do you rent the home you are in? Are you tired of every cheesy real estate agent you meet trying to talk you in to buying a home? I know I am. It's like there are only three topics real estate agents talk about and you're one of them.
You're not some hurt animal that needs to be nursed back to health. I happen to think that renting has its perks, and here is the list of reasons I've come up with:
1. You don't have to do any repairs or maintenance.
There is a lot to be said when you don't have to spend your days repairing your leaking faucet or mowing the grass. Not all houses take a lot of up keep but I get it, if you don't want to turn a wrench or smell like gas this is a perfect example. There are programs that home owners use called Home Warranties, that act like health insurance for your home. If you spring a leak, you call the Home Warranty and they send someone out for a co-pay to take care of the problem.
With renting, you can notify your landlord to fix the issue or submit a service request through the complex.
2. You have flexibility.
Tired of the black and white bath room that you use every day? Find a new rental. Taking a job on the other side of town? Pack it up and get closer to work. You aren't tied down to a location, so if you dream of living in different cities or enjoy a change of scenery, this would be a great fit for you.
3. So what if it cost a little more than buying?
Renting is ideal if you are thinking about buying and need to work on a couple of financial areas beforehand (i.e. building up/fixing credit, saving up for down payment). Also a great option if you are new to the area and want to spend 6 months-1 year to get a feel of your new city.
You may be paying a little more than you would be on a mortgage in the meantime, but it's a great avenue in certain situations.
🤔 Curious how much you would be paying on your own home? 👉🏽 Let's Talk Numbers
4. You May Not Be In Town That Long
If you are planning to be in the area for less than 3 years, it would make sense to rent since 3 years is the normal time period for homeowners to beat capital gains tax. Capital gains tax is a tax you have to pay when you make profit on selling a house.
Know you're going to move to another area in the next year or two? Then renting is the way to go!
Instead of putting in a private pool in your backyard or your own gym equipment in an extra room, you can enjoy the luxury of a pool maintained by the complex, share gym access in a workout room, extra work space, clubhouse for entertaining guests, etc. This is all available to you if you are renting an apartment or house in a community with amenities.
If you're new to the area, it's a great way to meet other people in your complex/neighborhood!
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