Many people are choosing to buy homes right now, since the market is ripe for buying. It may not be the best option for you, though. Sometimes renting an apartment will benefit you way more than putting down a huge down payment and picking up a mortgage. With the transient lifestyle that many people are living today, renting an apartment just makes sense. People need to be able to get up and go at a moment’s notice, and young people are spending more time working hard and playing hard than ever before. Taking care of a home isn’t a huge priority for most people in the prime of their life. If you find yourself asking the question, “Is a rental right for me?” you should pose a few more questions to yourself!
Do I need flexibility?
Buying a home takes your flexibility away. In order to get out of that home, you’ll have to sell it. Selling can be really difficult and you’re not likely to get a good price for your home in the current economy. Renting allows you to move when your lease is up. If you know that you’re not going to be somewhere for more than 2 or 3 years, it’s best to choose a rental rather than buying a new home.
Am I ready for a mortgage?
In the short term, renting will save you money and help you avoid the dreaded mortgage. Plus, if you’re still working on building credit, buying a home may not be something you can do right away anyway. You generally need stellar credit to get a loan. Renting gives you more time to work on getting your credit where you need it to be before buying a home.
Do I have the time and money to take care of maintenance?
The beauty of an apartment rental is that you’re not required to take care of maintenance. When something breaks, you call the maintenance department at your leasing office. They’ll take care of it for you, meaning you don’t have to worry about a bunch of upkeep and time consuming maintenance. You’ll have more time to enjoy yourself!
Am I familiar with the area?
If you’re new to an area and trying to figure out whether it’s right for you or not, you should invest in something like a yearlong lease. It’ll give you time to explore the area and find out if it’s right for you. Buying somewhere too early and finding out that it isn’t somewhere that you want to spend a few years of your life can be really frustrating.
Do I really need to buy a house right now?
Growing families and people who are ready to settle down are the best candidates for buying a home. If you need a little bit more time before you want to stay somewhere permanently, consider trying an apartment rental.
When you’re looking for someone to live, don’t rule out an apartment rental. It gives you the freedom to choose exactly where you want to live and to switch it up when you’re ready! When you’re looking for a great apartment rental in St. Mary’s county, come visit us at the most coveted address in the area. You can also call us at 301.737.0737or visit the website!
Source: http://finance.yahoo.com/news/6-reasons-why-rent-not-105019207.html