4 Reasons You Should Rent Instead of Buy
To rent or not to rent, that is the question. Many people think that buying a home is the only option that makes any sense. And, yes, buying may be a little cheaper depending on where you live. But, buying isn’t always the best option. Keep reading to see when it makes the most sense to rent instead of buying a home of your own.
You need to be flexible
There are many reasons staying in a place long-term just isn’t an option. If you’re moving to a new place and want to get the “lay of the land” before settling down, renting is probably more your style. The same is true if you aren’t really sure where you want to live. Or, what neighborhood would be best for your family.
Sometimes life happens, and you have to make the decision to move closer to your family or loved ones. In this case, you might consider renting over purchasing a home. If you need to be flexible with your living situation, renting is probably best for you.
You can’t afford it
Depending on where you live and the type of home you’ll buy, renting can actually be more expensive than buying. But, being able to afford that house payment may not always be possible. If something terrible happens and you don’t bring in the amount of money needed to keep up with your mortgage, you risk losing your house.
If your rent starts rising to a rate you can’t afford, you can end your lease and move to a cheaper place. When you rent, the only payment you’ll have to make upfront is a security deposit and your first month’s rent. Some landlords don’t even ask for that much. It could cost you thousands of dollars upfront when buying a home.
You don’t want the upkeep
Keeping up a house can be hard work. If you live in a place with a yard, you’ll have to mow, rake leaves, and keep up with the landscaping. Even if you don’t have a yard, there’s plenty of home owning tasks you’ll have to keep up with. Replacing fixtures, updating systems, and repairing anything that breaks will all be on you.
Rental properties work a little different than that. Typically, the landlord will be responsible for updating and repairing things that pop up in your rental property. So, if keeping up with all the housing “to-do’s” isn’t your thing, renting is probably a good option.
One word, amenities
Some of the perks of renting are the extras included in your rent. Some (not all) properties give renters access to amenities such as the pool, gym, and laundry mat. This can come in handy if you don’t have a washer or dryer in your home. The local amenities are also a great way to get out and meet new people.
Not all rentals come with perks like a pool. But, you might find some that include furniture, electricity, cable, and other add-ons in the monthly payment.
No matter if you’re wanting to rent or buy, we can help you find the house of your dreams. If you decide that renting is the best option for you right now, there are plenty of properties to choose from in DC. Give us a call, and we’ll help you find the place that’s right for you.