Now why would someone rent over buying a home? Let’s stop and take a look this dynamic, as most of us think we all want a home we own. Pride in owning a piece of property there can be nothing like it. Images of apple pie cooking and a door mat that says welcome. Creating your home, the way you want it to be and adding decorating with your colors evokes mind warming experiences. Having a garden and a garage. Even a white picket fence. A dog to run around in the yard. Creating a family.
Let’s take a reality check as this is 2022. Seeking by statistics, buying over renting is not everyone’s dream opens up a whole new door or doors for us.
New American tagline: Buying a home is the American dream is not the dream of everyone with our new life styles.
Taking a deeper cut we see older renters are driving up the renting demand as 30% of renters are aged 55+. We understand that immigrants have a higher propensity to rent and for longer periods.
Renting allows one to spread their funds over different types of investments rather than tie up their funds up in one purchase.
Many rent rather than buy due to individual circumstances. Others may want the flexibility renting offers and the freedom to move on from a job or city without the burden of having to sell.
Student debt, cost of housing are some issues many are faced with these days to delay purchasing a home.
Renting helps avoid some major expenses as rental insurance. Look at your district state and federal to learn what the costs are as each area can be different. Rental insurance costs are lower and I feel easier to buy.
Also, as a renter, you won't have to worry about your home or apartment depreciating due to factors like crime, unemployment rates, and new housing developments.
Renters can have amenities as gym in rec area, a pool, landscape is kept, no real estate taxes, no down payment and the flexibility to downsize. Retirees want less costly place to manage.
One issue, if the home owner has invested a lot of money in the home one may not be able to sell to cover cost. Lower utility costs for less size apartments are to be considered as well.
44.1 million households rent in USA and most rentals are individually owned much to my surprise.
A rental is probably owner managed them, which says the renter is probably managed by a ‘self-taught’ manger which could be a disaster for renters. A renter should study renting ‘laws’ or rules which we discovered can be complex. This will be a great benefit.
As an attorney said to me,” I have seen many cases that could have been won had the renter had the right documents”.
Now that’s food for thought.