Abraham Walker, Your Northern Virginia Real Estate Agent, tackles a tough topic on today’s video. Some people should rent, and some people should buy. Check out this five reason you should keep paying your landlord rent.
1. You are not responsible. Several things can go wrong with a property. Don’t forget about the cost to maintain and upkeep the property, monthly mortgage payments, real estate taxes that increase consistently, etc. If the thought of these items scare you now, then perhaps it’s not the right time in your life to buy a home. When you rent, and the dishwasher goes out, you just call your property manager, and the most you need to worry about is scheduling a time for the replacement. With homeownership, you’ll need to mitigate damages from leakage, measure and go out to buy a replacement, then haul it home, and either hire a plumber to install, or figure out how to do it yourself.
a. Alternative: buy a condo. Condominiums are low maintenance. You’ll still be responsible for internal maintenance, and replacement of things that go wrong, but the costs of exterior maintenance are covered in your HOA or Community Association fees.
2. If you are purchasing for investment purposes only, you plan to purchase with the express purpose of reselling it when “the market changes,” then renting may be better for you. I’m not a fortune teller. I cannot tell you whether your future home will appreciate in value. Historically – yes, homes in most areas have appreciated in value over the last 10 years, but not all. There are a lot of factors to consider when looking at the life of a loan. Will you still have your job over the next 10 years, will there be a catastrophic event that affects the value of the home.
3. You’re only going to be in the area for a short time. There are costs associated with purchasing or selling the home, aside from the mortgage. There are closing costs, and moving costs and more. Is it worth the cost if you’re not going to be there for long?
4. Your job isn’t stable. If your current job is on the rocks, you should consider waiting until you’re sure of your future employment. This is a major contributing factor in the crash of 2007. Many people bought homes, and were then laid off – this resulted in an inordinate number of foreclosures and short sales. This also applies if you’re in the middle of a career change.
5. Your job is too far away from the home that you can afford. This happens most frequently his large cities but can happen in more suburban communities too. The home budget that you can afford is just too far from your work to make it happen.
If these reasons continue renting don’t apply to you, please contact me for a consultation, and to answer any questions. Abraham@AskAWalker(dot)com
About the Author: The above article was written by Abraham Walker, Your Northern Virginia Real Estate Agent, helping clients market their homes to achieve high sales with a quick closing time is my main priority.
He’s the co-founder of Ask A Walker and can be found on YouTube, Facebook, and HERE on this blog.
Abraham can be reached via email at [email protected] or by phone at (703)539-2053.
He’s happy to answer all your real estate questions.
Thinking of selling your home? Check out 20+ step process to selling your home. Or contact me now to start the home selling process. Same day appointments are available on a case by case basis.
I help people sell and buy real estate in the following Northern Virginia area cities & neighborhoods: Kingstowne, Island Creek, Cameron Station, Overlook, Alexandria, Old Town, Belle Haven, Fort Hunt, Mount Vernon, Springfield, West Springfield, Burke, Lorton, Woodbridge, Lake Ridge, Manassas, Annandale, Fairfax, Arlington, McLean, Reston, Herndon and of course Vienna.