4 Things Every Renter Needs To Consider
Renters Needs To Consider
Renter's remorse is a real thing. But if you're looking to buy, here are five reasons why renting might be better for now--and what your future plans may say about homeownership!
1. Rents Are Rising Quickly
If you’re a renter, you’re faced with payments that continue to climb each year. Realtor.com recently shared the September Rental Report, and it shows price increases accelerating from August to September (see graph below):
As the graph shows, rents are still on the rise. It’s important to keep this in mind when the time comes for you to sign a new lease, as your monthly rental payment may increase substantially when you do.
2. Renters Miss Out on Equity Gains
The thing about buying a home is that it's not just an investment -it also gives you equity. And this year alone, homeowners were able to build up some serious wealth through their purchases! As someone who rents but could be saving for retirement or paying off student loans (or both!), missing out on these opportunities can really hurt your finances in later life so make sure the next time around don't miss out by renting instead of buying outright
-and maybe learn how different types work first before making any decisions
3. Homeowners Can Customize to Their Heart’s Content
The decision-making point of whether or not you can paint, renovate and upgrade your home is a big one. In many cases property owners will determine these selections while renters might prefer that they stay the same as originally selected by their previous owner(s). As an homeowner with total freedom over decoration options within my own personal space - I have no problem whatsoever making changes!
4. Owning a Home May Provide Greater Mobility than You Think
Renting might seem like a flexibility-heavy choice if you need to move for any reason, but buying can be more convenient. The National Association of Realtors reports that homes sell faster these days - on average only 17 days! So while renting takes up time and energy finding new place to live when your home is already sold or under contract could save both in comparison with having an open offer from someone else who wants it too.
As a homebuyer, you have lots of choices to make. Deciding when is the right time for YOU? That’s different and can depend on many factors but if there's anything we could help with let me know so I'll get in touch!
A lot goes into making this decision - from finances all the way down to how much space does one need at their new place anyway?? Give us call today or message via our website.