Is Renting for You?
Is Renting for You?
If you are facing a transition in your life and you are weighing the pros and cons of renting vs. buying a home, you may soon find yourself joining the new droves of people renting instead of purchasing.
It has been said that “renting is the new buying” and with good reason. Renting affords the ability of convenience for a number or reasons. If you move frequently or aren’t sure which neighborhood you would like to live in, renting is a great temporary solution. If you don’t like to take care of home maintenance and repairs yourself, you may be a forever renter, or a renter by choice. More and more people are choosing this in light of busy lifestyles and varying values in terms of how their free time is spent.
Then there’s the obvious reason for renting: financial reasons. If you don’t have enough saved up for a down payment, then renting may currently be the only path for you. If you want to live in a specific neighborhood and you can’t afford to buy a house, then renting can get you initially connected in a neighborhood. If your credit is weak and the prospect of obtaining a mortgage is dim, then you can rent for a period of time to improve your credit score thereby reducing your future interest rate when you are ready to purchase. Many leading edge property management companies have started to report timely (and untimely!) rent payments to the leading credit bureaus, proving a great way to build credit for the prompt paying young or those in need of credit repair.
Whatever the need, renting can be a winning solution for those in need of convenience, temporary living situations or for those going through life transitions. For other individuals it can even provide the key to improving their personal economics. Everyone needs a place to live, right? So, make the best of it by planning ahead and check out the following article from Apartment Guide if you would like guidance in using renting as a saving strategy and the additional benefits you can achieve from renting:
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