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People here are clearly renting rather than buying but there is a massive shortage of rental properties available and it has become a big political issue.
We own an apartment which is an unrenovated two bedder with no parking and no elevator. It is on the third floor but the area is overall a very expensive one. Just was relet and at the open house there were 47 groups through. Went to a lawyer.
Often our tenants own properties elsewhere, if you move around for work it is much too expensive to keep buying and selling.
"Rent-to-Own?"
Never, unless the Tenant-Buyer has qualified legal counsel thoroughly review the contract, has a thorough home inspection, and approaches the transaction as a formal serious affair.
Historically, rent to own schemes have been on similar levels as Buy Here/Pay Here car sales.
Trying to squeeze a lot of money out of a substandard product that won't move in regular market dynamics.
People here are clearly renting rather than buying but there is a massive shortage of rental properties available and it has become a big political issue.
We own an apartment which is an unrenovated two bedder with no parking and no elevator. It is on the third floor but the area is overall a very expensive one. Just was relet and at the open house there were 47 groups through. Went to a lawyer.
Often our tenants own properties elsewhere, if you move around for work it is much too expensive to keep buying and selling.
Yep.
Also, it's not like rental prices have stayed stagnant over the last few years as home prices rose rapidly. Rental prices also rose. You have to do the math in your market for the type of dwelling you're in the market for.
I hate moving so I would never be a renter. When I don't want to maintain a property anymore, I'll get a condo.
For people who want to move frequently for jobs and such, they should rent unless they are okay renting their house out as they move across the country. That can be an excellent way to invest as the interest rates are lower for homeowner-occupants to start. You just have to hire an excellent property manager when you move.
I grew up poor so I would never rent unless I had no other choice.
Reading the local article how the average family needs to make $100 Thousand a year to purchase a home in our area. With down-payments ranging from $50 thousand or more I am okay with renting.
Any renters love renting??? Be great if more rent to own took off across the US. You live at a place for 5 years then own it I be game.
We are contemplating renting a house next year or year after for almost $2,100 average home mortgage payment in our area. Then looking to buy in 5 more years is the goal.
Anyone enjoy renting? Starting to like not having to own a property have the ability to move around more in the same area to different properties till finding the right one.
Thoughts???
Our daughter could afford to buy a home, but she prefers to rent a townhome in a community with beautiful landscaping, a pool, a gym, etc.
She doesn't want to spend her time mowing a lawn, tracking down repair people, etc. She loves the convenience of handing that all over to a management company.
She figures she saves about $1,000 by renting versus buying.
I hate moving so I would never be a renter. When I don't want to maintain a property anymore, I'll get a condo.
For people who want to move frequently for jobs and such, they should rent unless they are okay renting their house out as they move across the country. That can be an excellent way to invest as the interest rates are lower for homeowner-occupants to start. You just have to hire an excellent property manager when you move.
I grew up poor so I would never rent unless I had no other choice.
we are n my wife’s original rental .
she moved in 40 years ago …i am here over twenty with her .
so we have guaranteed renewal in half of all rentals here .
i would want never be a tenant to some small time wanna be landlord .. so local laws matter as to what rights tenants have
Age and outlook may also play a factor. I swore I would never rent. But at 76 I realized that were I to pass on, my kids would be burdened trying to sell a large upscale property in a rural downscale neighborhood. So part of my motivation in selling was to remove that burden. I figured it might take a year to see, but it sold in a week, for cash and no contingencies, sometimes you just get lucky. But my passing on from a rental property would be so much easier for my kids to deal with. And my having substantially downsized there is even less for them to deal with.
Perhaps in renting I figured it would just give me time to find a new place to buy, but I like it here so much I can no longer imagine buying again. If I were ( much ) younger, sure I would buy again. But not now.
Still not ready to leave this world, but enjoying my new freedom.
Age and outlook may also play a factor. I swore I would never rent. But at 76 I realized that were I to pass on, my kids would be burdened trying to sell a large upscale property in a rural downscale neighborhood. So part of my motivation in selling was to remove that burden. I figured it might take a year to see, but it sold in a week, for cash and no contingencies, sometimes you just get lucky. But my passing on from a rental property would be so much easier for my kids to deal with. And my having substantially downsized there is even less for them to deal with.
Perhaps in renting I figured it would just give me time to find a new place to buy, but I like it here so much I can no longer imagine buying again. If I were ( much ) younger, sure I would buy again. But not now.
Still not ready to leave this world, but enjoying my new freedom.
We are talking about that now, with an eye on 4-5 years down the road. But it could happen sooner.
Our kid will be leaving this summer for college and we have a three bedroom/three bath house in a nice area, good schools, etc. But we will also be looking at some sort of retirement and are talking about what we want to get out of life in the next phase, if health and finances hold up.
The idea of downsizing, giving up lawn work and maintenance and focusing my time and energy on other things is appealing. And I am not going to fool myself into believing our kid wants much if any of our "stuff" after we are gone, so the idea of decluttering over the next few years while looking to downsize appeals on several levels.
But we are just starting the conversation and know that we are lucky to entertain such thoughts.
We are talking about that now, with an eye on 4-5 years down the road. But it could happen sooner.
Our kid will be leaving this summer for college and we have a three bedroom/three bath house in a nice area, good schools, etc. But we will also be looking at some sort of retirement and are talking about what we want to get out of life in the next phase, if health and finances hold up.
The idea of downsizing, giving up lawn work and maintenance and focusing my time and energy on other things is appealing. And I am not going to fool myself into believing our kid wants much if any of our "stuff" after we are gone, so the idea of decluttering over the next few years while looking to downsize appeals on several levels.
But we are just starting the conversation and know that we are lucky to entertain such thoughts.
Good deal for you ! And good luck. Being healthy and being financially comfortable is a great combination.
Not sure what it is with my three kids, but none of them want or need "more stuff" ... They are all financially comfortable, all of their own making. Two own homes and are paying down their mortgages and both now have considerable equity but are resisting any urges to upscale. The other has always rented, but lives modestly, and has substantial savings.
I love not renting, but opinions will vary. I'd generally much rather own something than pay for someone else to own. However, that's just based on my personal situation. There are scenarios where renting is a better option.
FWIW, I am in RE and own a PM and sales company.
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