Can there be anything good about RENTING instead of BUYING?
Consider a 3 bedroom / 2 bath 1,100 sq. ft. home. The owner will sell it to you for $149,000 or rent it for $1,100 … your choice.
Let’s say you are going to be living in the area for 3-4 years before you get transferred. What should you do?
|Fill out rental application – run credit
Pay $25 application fee
Get an answer in 1-3 days
Pay $1,100 refundable deposit
Pay $1,100 monthly rent
Owner pays taxes & insurance
|Apply for a loan – run credit
Pay $400 appraisal fee
Wait 3-6 weeks for a preliminary loan approval
Pay $7,000 FHA down payment + closing costs
Pay $1,100 monthly payment
You pay taxes, insurance
|WHILE YOU LIVE THERE|
|Call property manager for repairs
Hope the Mariners do better next year
|You take care of all repairs
Hope your home goes up in value
|Give notice 20 days before you want to move
Clean your unit
Get your deposit back
Go & relax!
|Prepare & repair home for sale – interview Realtors
Keep home clean and show to interested buyers
Hope to just get enough to pay off your loan
Wait & worry – it may take 30-90 days to get a sale
Home ownership does have its advantages … you can paint your rooms any colors you like, remodel the kitchen or redo the backyard landscaping as you wish. You are FREE TO WORK on your home!
With a rental it’s different. The owner won’t let you do those things when you rent a home … but when you rent, you are FREE TO LIVE in your home!
Now don’t get me wrong. For some folks, working on their home is their life, and they enjoy it. But for others, living their life is what they enjoy.
For some people, renting can be THE LIFE OF FREEDOM.