Do you rent an apartment in Glen Allen, VA in exchange for freedom of responsibility for residential maintenance, or take out a mortgage for the pride of home ownership?
If you’re part of the population that’s unable to buy at this time, you have a few good reasons to rent.
Flexibility. Maybe you prefer to move around, seeing new neighborhoods and cities; it’s hard to put a dollar value on that experience and enjoyment.
If you anticipate a career or job change renting might suit you better, as buying a home can hinder your flexibility to pick up and move.
Avoiding homeownership costs. Homeowners are painfully familiar with such extra, unforeseen and often hefty costs as Realtor fees, mortgage origination fees to start your loan, property taxes, moving costs, furnishing, decorating, leaky pipes, gardener wages – you name it. As a tenant, you enjoy the perks of your home without the worrisome financial burden.
Liquidity. Generally, you can’t turn a house into cash overnight. Many people invest a lifetime’s savings into a home, putting the bulk of their net worth into an illiquid asset. Risk comes with tying up a large portion of your wealth in such an asset. Renting allows you flexibility and other investment options.
Building credit. As consumers, we need a healthy credit for pretty much all we do, from getting a new cell phone plan to buying a car. While renting doesn’t boost yourcredit rating the same as owning a home, creating a history of on-time rental payments can, in some cases, help build your credit to qualify for a mortgage down the road.
This history begins when (and if) your landlord reports your payment data to credit agencies; we do at all HHHunt properties. Third-party services can help you report this information on your behalf.
Once your credit is solid, you can reevaluate if owning a home seems right for you. For more information, contact The Gardens.