Buying your own home is on most people’s bucket list, but there are times when renting might be the better choice.
Try Before You Buy
If you are not sure that a neighborhood is really right for you, or if you need time to assess an area before making a long term commitment, then your best option is trying before buying. If that is the case, then renting may be an excellent option for you. Renting gives you the opportunity to see if a neighborhood lives up to your expectations and suits your needs before you buy. For example, you can sign a one-year lease for a two-bedroom condo in Shirlington, with the option to extend the lease if you like the neighborhood. If you do not like it, for example, a four-bedroom, two-story house in Lorton is more your style, then you have the option of relocating.
Pay as You Go
Many Americans live from paycheck to paycheck and renting a property can help you draw up a realistic budget and live within your means. Before signing a lease, you know what your rent will be and you can work this amount into your monthly budget. When you do your calculations, remember that you will need to pay a security deposit upfront and the rate depends on your credit score. If you have a good credit score, your property manager may only charge one month’s rent. On the other hand, if you have a poor credit score your security deposit could be two months rent. Keep in mind that the security deposit is refundable if you meet the requirements of the move out inspection. Because rent is a fixed monthly cost, you will know exactly what portion of your income to allocate to rent and what portion remains for bills and other necessities. If you are realistic about the property you can afford to rent, then you will have money left over each month for fun expenditures, nightlife and personal hobbies.
Short-Term Commitment
Not sure if as a Washington DC commuting GS-5 you want to live in Northern Virginia? Do you dream of relocating to California and exploring Napa Valley, Los Angeles, and San Francisco? Are you an active duty member of the military with no idea of where your next assignment may take you? There are many reasons why people do not want to make a long term property commitment and renting means that you will not be tied down and makes it easier to move at a moment’s notice. Or perhaps, you simply have no interest in the responsibility of becoming a homeowner? Then renting, as opposed to buying, could be the right choice for you. As a renter, you will not have to worry about footing the bill to repair a leaky roof, paying monthly condo fees, or paying for garden services to pick up the leaves from your Mount Vernon home. Renting a property can enable you to live the lifestyle you want without the responsibility and financial commitment of owning your own home.
Build Your Credit and Save for a Downpayment
Buying a house is a huge financial commitment. It is usually the biggest single purchase most people make in their lives. Renting a property and being a responsible tenant can help you achieve your ultimate goal of owning your own home. Paying your rent on time is an excellent way to build your credit score and show lenders that you are capable of managing your money responsibly. If you are realistic about the rent you can afford, and you are frugal with your money, you can build up your savings for buying a house in the future. Renting will also make you aware of the true costs of owning a property and prepare you for the financial commitment and accountability of home ownership.
Roommates
Not everyone wants to live alone and sharing a house with friends can be fun and lead to priceless memories, but it also has the added advantage of being cheaper than going solo. However, it is worth remembering that choosing good roommates may be challenging. Just because you are good friends does not mean that you will be good roommates. This is an important piece of advice as nobody is perfect, and some of your friends may have annoying habits that you simply will not be able to live with, so think carefully before asking someone to move in with you.
There are many different neighborhoods in Northern Virginia that will meet your specific requirements for a neighborhood such as easy access to the metro, a main street vibe, or proximity to good school, and your needs in a property, like a certain architectural style, luxury features, and affordability. With so many options to choose from it is worth asking an experienced Nesbitt Realty Realtor, like Stuart Nesbitt, who will help you find the perfect rental property.
