If you are currently renting and you have found yourself needing to move soon, you may be at the point of wondering if you should look for another rental unit to go into or start working toward a single family home purchase. Here are some things to toss around to help your decision-making process a bit easier:
Your entire household can move with you if you buy
If you are looking for a rental, then there may be some things you are worried about. For example, you may have someone in your household that may not pass a background check, or you may have pets. When you plan on renting, you are going to have the added worry of finding a property manager who is going to be okay with everyone in the household moving in the rental, including your pets. When you purchase a house, you know that you are going to be able to bring everyone with you and this can be a big weight lifted off of your shoulders.
You can fix the house to be more to your liking if you buy
If you find a rental that you would normally want to make improvements to in order to make it work better for your family, you won't be able to make those improvements (unless you convinced the owner to approve them and then you would be paying to improve someone else's property). When you buy a house, you can start changing it the moment Escrow has closed. You can go right in and start replacing flooring, painting the walls, installing a fence, putting in a security system and even build extra rooms if you choose.
You can count on having the house for as long as you want
When you rent, it is common to sign a one-year lease and sometimes even a two-year lease. This is great because it lets you know that you are guaranteed to be in that rental for a minimum of that length of time. However, this is still a scary situation to be in when that lease is nearing its end and you don't know what's going to happen at the end. When you own your own place, you don't have to worry about end dates. You will know that as long as you continue to make your mortgage payments, you can count on that house being yours until you make the decision to sell it.Share
9 January 2018
About a year ago, I realized that there were some serious issues with our home. I could tell that we needed to do something to upgrade our residence, so we started looking for a different property. I was able to find a really nice real estate agent who could help, and they worked hard to pair us with the perfect home for our budget and lifestyle. Now I can honestly say that I love my home, and I couldn't have chosen a better one on my own. Check out this blog for great information on improving real estate holdings and finding a better home.