One renter has rented an apartment for the past three years.
Renting works for her because she admits to having "no interest in fixing things; I can barely change a light bulb. Someday, if I get married, I'll have a house and a yard and I'll share the chores, but not now."
Rent or own? Each has its merits, but the recession upended conventional wisdom that homeownership is right for everyone.
No longer does your real estate investment necessarily grow steadily in value after you buy it.
No longer is making real estate your No. 1 investment the best decision as it was when grandpa sank his every penny into his first house. As pensions go the way of the milkman, today's smart investor builds a diversified portfolio that ensures when one asset is down, another is up.
No longer does every household have a "honey" to tackle the honey-do list that comes with homeownership. More homeowners are single. And many couples have hectic, dual-career lives that leave little time for lawn mowing and gutter cleaning.
No longer is graduation, marriage, homeownership and children the prescribed route for young people. For many, homeownership must wait.
A financial planner can help you weigh your options. Much depends on your life stage. For instance, it might be a good decision for a couple in their 30s to buy a house if they plan to stay put for the next 20 years.
But that same couple may be better off renting after retirement, when they want to be able to fly south for the winter while a landlord looks after their home.
Renting suits you if:
Housing market fluctuations give you the jitters.
You do not have enough money for a down payment. This is not only an obstacle for young people with few assets, but also for retired people with fixed incomes who need this money to live on. Yes, there are zero-down mortgages, but they come with high interest rates.
You have no time or inclination for home repairs and chores. The carpet needs cleaning or the broken pipe needs fixing, and my landlord does it.
You have no emergency fund. If you tend to be short on cash at the end of the month, you probably do not have enough money to cover household crises.
For more information on renting apartments in Glen Allen, VA contact The Gardens.
Excerpts - Chicago Tribune