Times That You Should Think About Renting A Home Instead Of Buying
Many people advocate buying a home as soon as you can afford to do so; and, indeed, there are a number of advantages to buying over renting. However, it's important that you don't dismiss the many values of renting, either. It's possible to find yourself in a situation in which renting a home makes more sense to you than buying one. When you find yourself in such a situation, try to avoid feeling the pressure to buy. Here are some times to think about renting instead of buying.
There's A Chance For A Job Transfer
When you work in a career in which transfers out of the city or even out of the state are common, it can make a lot more sense to rent a home than buy one. If you find an opportunity to transfer to a different office, the last thing you'll want to do is start fussing over getting your home in the proper shape to sell. In this scenario, renting is ideal. You can provide a month's notice to your landlord, move some of your belongings into storage, and then get ready to move to your new city.
The Market Is Uneasy
Being a homeowner during turbulent financial times can be harrowing. Market changes, which are far beyond your control, can influence interest rates, which can lead to you having to pay more for your mortgage than you originally budgeted for. This nightmare scenario can have you nervously following the market and stressing yourself over hearing the dire predictions of analysts. You won't have any of these concerns when you rent a home or apartment instead of buying it.
You Have A Poor Credit History
Having a poor credit history can not only prevent you from being able to buy a home with the help of a lender, but may also force you to pay higher interest/insurance rates on your mortgage because of your risky financial status. In this case, owning a home can cost you more than it should. Renting a home is ideal for people who have a poor credit history. Provided that you get a residence that suits your budget, you can easily work at paying your rent each month and beginning to build a stronger credit history. Then, eventually, when your credit history is at a higher point, you might wish to think about buying.
For more information, contact local professionals like Keller Williams Realty.