Taking A Closer Look At Renting vs Buying Property

Should You Still Buy Property Instead Of Renting?

After hearing on NPR that home-ownership rates in the USA are at the historic lows, and being surprised, I decided to take a closer look at its alternative—renting. Lets just examine a few reasons that might be a driving force behind the rise of renters nation: costs and opportunities.

Costs To Own A Home

It is anywhere from 5 to 10 times more expensive to move into a purchased home than a rental: down payment, taxes, insurance, closing costs etc. Lets not forget cost of repairs and maintenance on your new purchase. Never ending Home Depot trips, weekends spent on a bathroom remodeling or cleaning gutters instead of family outings. Homeowners are constantly under pressure of carrying a burden of mortgage debt and meeting a hefty monthly payment. Forget about spontaneous weekend trips and vacation—you just found out that the whole house needs insulation! So, new homeowners better get used to new routine because it is there to stay forever. Then, after about 5 years of going through gallons of paint, replacing cabinets, seeding grass and paying your mortgage on time-- you look at the mortgage statement and realize that your principal went down by a few thousands only! In addition, all this is great as long as the housing market been going up, and if not –you quickly become a renter, and not by choice.

Flexibility Of Renting

On other hand, renters have a choice! They are able to move quicker to a new dream job location, or highly rated elementary school, or having access to gym and outdoor pool. As a renter, you are protected from unexpected expenses, real estate market fluctuations, and have more time to relax and spend with family! Renters are able to react to life changes promptly and without losing lots of money. Divorces, job changes, births and deaths are less stressful to deal with if you don't have a mortgage. In addition, today's renters are well-protected legally and have powerful rights to great housing, privacy, and to be free of illegal discrimination.

So, the choice is yours! And, If you choose to rent, take a closer look at renting with Nexus. Nexus, a professional full-service property management company, and having it by your side brings a number of benefits such as 24/7 emergency response, online communication and maintenance requests, and ability to pay rent online etc...

After all, it's not that surprising that more and more people nowadays choose to live with less stress, more disposable income, and keeping their options open!

Mikalai Zhukavets is the Leasing Director at the Pawtucket Rhode Island Nexus Property Management ® office.

Nexus Property Management® is a National Property Management Franchise that manages all types of rental property from single family homes or condos to large apartment buildings and complexes.

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