Good question. Well one way to quickly determine what to do is to consider whether or not you have at least 5% down payment and closing costs for a house. If not, well, renting is a good option. It may beat living with mom and dad for the rest of your life! Even if you love them very much. Most financial institutions and private lenders will not lend 100% of the purchase price. You need to show a financial interest in the home, so that the lender feels confident that you are not just going to walk away if money gets a little tight. If you are not in a position to buy this way, there is the rent to own option. However there is still a down payment required and interest rates will be higher.
Some of the types of renters are:
1. Good folks without the 5%.
2. Retired folks that are not interested in owning any longer, with good reason. (We will talk about this later.)
3. Good folks with financial difficulty (This can happen to ANYONE.)
4. Seasonal renters, for ski seasons or summer holidays.
5. Young couples or families not sure about where life is taking them.
6. Relocations, (i.e. the military, new jobs, etc).
7. Renters who just don't want the responsibilities of owning.
These are just a few benefits of renting :
1. You do not have the liability of ownership.
2. You do not have to maintain the buildings or grounds.
3. You do not have the fix anything that wears out or breaks. (Unless, of course, you broke it.)
4. You do not have to cut the grass unless it is in your rental agreement.
5. You do not have to do the snow removal unless it is in your rental agreement.
6. If something happens to the building you do not have to deal with it.
7. If the building needs upgrading, it is not your expense.
8. You are not responsible for paying the taxes.
9. You are not responsible for paying the building insurance.
10. You do not have to come up with 5% down to live there.
11. You may only need the home for a short term and don't want to have the hassle of selling.
12. You may be retiring and only need it for a few years, before going into a retirement community.
13. You may not be able to find just the right house, instead of buying the wrong house, rent shortterm.
These are just a few reasons why renting may be the best option for you. Homes come up for rent on the market all the time as do folks looking for rentals. I get calls for both periodically. There are many ways to get the word out you are looking to rent a home. Call me any time and I can help you start the looking process. Whether you are looking in the Clearview, Creemore, Stayner, Wasaga Beach, Collingwood, Grey county, or Mulmur township, I can help you get the ball rolling. It can take some time to find the right rental. Start as early as you can, so you don't miss out on a good deal. These are just a few thoughts on renting.
Thanks again for reading this blog. I hope that you found something useful in its content. Please check back in a few days for more blogs.