renting

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9 11, 2016

Think Twice Before Renewing your Lease

November 9th, 2016|Blog, Buying a home|

Low section view of a man standing by text Rent and Own with arrow sign represents the concept of home ownership.

Out of the conventional living options, renting often comes with the least amount of pressure. That is not meant to imply that renting is always stress free or that renters do not want security or longevity. They just retain the right to move. With renting you may have a lot of freedom but you aren’t necessarily building equity. Finding the right place to rent takes effort. Most places require renters to sign a 12-month lease. So even though it doesn’t lock you into that place for life, it does require that you pay rent for 12 months. Here are a couple reasons why you might not want to renew your lease this time around.

Rent is going up

You would think tenants would be rewarded for their money invested or for not jumping around from place to place but unfortunately landlords usually do the opposite. Landlords tend to raise rent when it comes time to sign a new lease. Check out the top ten cities where rent is rising the fastest here. Landlords usually send a letter or email to tenants about the raise in rent and sometimes it is only weeks before you have to resign or move out. Don’t let this happen to you, think twice before renewing your rent.

Landlord Issues

Many people start their own business because they want to ‘be their own boss’, well the same thing works for buying a home. Buying a home is being your own landlord, you get to choose the paint colors that you want, if you want to hang stuff on your walls or not and what appliances you will have in your home. It […]

18 07, 2015

When Buying a Home Is a Better Option Than Renting

July 18th, 2015|Blog, Buying a home|

 

Buy or rent on BlackboardThere has always been a pretty divided ground when it comes to people who favor owning a home versus people who favor renting a home. Maybe you have always dreamt about the house with the white picket fence as the epitome of your American dream. Over the years the financial benefits of owning vs. renting has changed. For example, from 2004 to 2006 it was more favorable to rent, but buying made a comeback from 2009 to 2011. If you find yourself sitting on the fence about which is better for you, let us show you four circumstances in which buying a home may be a better option.

1. You Want to Own Assets

While there are some benefits that come from renting, most of the time it can feel like you are pouring money down the drain. However, every mortgage payment that you pay increases the equity in  your home and moves you closer to owning it outright. Because a home is considered an asset it can appreciate in value therefore increasing your equity automatically. Owning a home is a great way to invest your money, even if you are spending it on a mortgage payment each month, because the price of homes typically rise over the long term.

2. You Plan on Living There Long-Term

The length of time you plan to stay in a certain location can make a difference when it comes to deciding if you should rent or buy. In certain places, buying beats renting only if you plan to stay in the home for at least ten years. If you do intend on staying in a certain place for the long haul, you will find more benefit in buying a home. There are some Rent v. Buy […]

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