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Housing prices and interest rates appear to be at historic lows, indicating that now could be a great time to buy a home. Why not, if you can afford it, right? But what if other considerations point to the practicality of renting rather than buying?
Many find renting too inconvenient because of the shortness of lease contracts. Hence, renters tend to move frequently. However, there are times when renting is better than buying. Here are some reasons why:
• It offers flexibility in times of financial uncertainties and seasonal employment.
• Selling a house is harder than leaving a rental.
• Mortgage qualifications fall short.
• There’s lack of time for sustentation.
• Trying out a new area requires acclimatization to it.
• When a couple is an empty nester.
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This wisdom in renting is applicable in times of job changes and losses. But how can you find the right rental? Zillow suggests determining what kind of rental suits your lifestyle before searching for a place. Finance writer Michelle Schroeder knew clearly what she wanted before she signed the lease contract. “We knew we wanted a house so that we could have a dog. I was a naive 18 year old, but luckily a family member was looking for a reliable renter,” she quipped.
Think of your long-term budget and the property's affordability. You should also compare properties and negotiate contracts to get a fair share of the arrangement. Check out the potential property by attending walk-throughs.
By keeping in mind these simple steps, you can avoid the most common pitfalls when looking for a rental, from signing your tenant agreement to moving in and out.
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Jeff Yarbrough has built an impressive client base from his impressive knowledge of unique geographic locations with competitive properties either for rent or purchase. Learn more about his real estate practice from this website.
