Many people appear, to automatically, believe, people, who rent a place to live, aren’t able to afford, to buy a home. However, many individuals, don’t want to own a house (prefer to rent), for a variety of other reasons. This may be, because they are uncertain of how long, they will live in a specific area, whether they will enjoy the particular neighborhood, aren’t comfortable with the unknowns of home – ownership, or don’t want the responsibilities, etc. With that in mind, this article will briefly attempt to consider, examine, review and discuss, some of these reasons and considerations.
- How long will they live somewhere? Therefore, renting, rather than owning, makes a lot of sense, because, there is no need, to make a definitive, longer – term, decision, and, when one rents, he is, able to be more secure, because the risks, are minimized.
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Will they enjoy the particular neighborhood? Many believe, it’s nearly impossible, to know, in advance, if he might enjoy any particular neighborhood, until/ unless, he resides there, first! Will the neighborhood meet their needs, in terms of happiness, fulfillment, convenience to transportation, entertainment, dining, conveniences, etc? How will you know, if you’ll like the neighbors, unless you feel comfortable, etc?
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The unknowns of home ownership: Will you be prepared for the associated responsibilities, of owning a home? When you rent, if there’s a problem, you contact your landlord, and most things, are his responsibility, instead of yours. Most homeowners are not necessarily, handy, and, therefore, must hire a professional, such as a plumber, roofer, heating specialist, electrician, etc. These are often costly, inconvenient, and even stressful, and many, don’t appear, ready, willing, and/ or able, to feel comfortable, with these responsibilities. For some, therefore, renting, makes a lot more sense, than owning!
While many believe, home ownership, is an essential component of the American Dream, this is not, what’s best, for some. This explains, perhaps, why we have witnessed, an increase in luxury rentals, in recent days, and, why, with the escalating costs of home ownership, it might suit certain people’s aims, into the future.
Memphis Buy And Hold is specializing in locating, purchasing, renovating and managing single-family and multi-unit properties and possesses from 2007 up to the present of experience in real estate investing and property management in the Memphis and Nashville markets.
