In this economy there has been lots of talk on weather it’s better to Buy or Rent your home. Rentcharlie.com brings you some ideas on this discussion of Renting vs Buying.
Home Ownership has become ingrained in our society as something all wise, successful people do. A right of passage, it’s part of the North American dream, to own one’s own home. Formerly thought of as a wise investment, better to make mortgage payments, than waste your money on rent, people’s ideas on the matter are changing.
The initial costs of buying a home, not to mention the prices of homes themselves, have gone beyond what most people can reach. After the initial downpayment, lawyer fees, realtor’s commissions, and other closing costs it’s estimated most home-buyers will have to spend 5-7 years in their home just to break even from the initial purchasing of it. This may not work out for some people, depending on their situation.
Renters can enjoy many advantages, not possible for the home buyer. Here are some of the things you can look forward to when you rent a property.
-Renting is now most often the cheaper option, especially after all homeowner costs are considered. You don’t have to pay for land taxes, or maintenance and upkeep to your home and yard, which can get very expensive.
-Renting gives you flexibility, which is becoming increasingly important in this economy. Job positions are not as stable as they once were, and it’s not uncommon to have to relocate for work to another city, or move for a better job opportunity. When you rent, you’re not stuck with your house or to the city or town it’s located in.
-The short term commitment and flexibility of renting works to the advantage of younger people particularily, allowing them to pursue more opportunities.
-Renters can rent properties in a wider range of locations and don’t have to worry about “housing values” of a particular area. You can rent close to downtown, or close to your work, and not have to consider how it will affect your property value.
-Renters can rent based on their current needs. As your needs change, you can move to a new rental. Homebuyers don’t have that luxury. A homebuyer must make their home work for their situation for many years, no matter what changes in their life.
It would seem that in this economy, renting is a better option for many people. If you need to find Property Rentals search Rentcharlie.com for rentals in cities and towns all over North America. And if you have Property Rentals that you need to list, list them with us, for Free.