Chuck Rich Properties

Chuck Rich
Properties

2914 S Greenwood Drive
Johnson City, TN 37604
423-926-2100

Five Reasons to Rent Rather than Buy

It’s tough to be in the market for a place to live these days. While home prices have dropped in many parts of the country there are still some very high hurdles to jump over to purchase a home.  In the past, home ownership has been thought of as part of the great “American Dream” but in the current economic situation renting is looking better and better every day. In many ways renting can have great advantages over owning a home and here are five reasons to look hard at renting vs. buying:

1. Cost. Buying a home is expensive. Maintaining a home is expensive. Paying property taxes is expensive.  Paying property insurance is expensive.  The myths of the financial benefits of home ownership are quickly fading as home values drop and property taxes and insurance costs increase.  Even if you could count on staying in your home for many years, the once “guaranteed” appreciation of your home’s value is no longer a sure thing and the risk of depreciated value is a real concern.
 

2. Community.  Personal opinion here, but we are quickly becoming a society without any “community”. Apartment living gives you an opportunity to join a ready-made “community” and connect with your neighbors. Many apartment communities offer organized gatherings and public areas such as swimming pools where neighbors can meet and share life experiences together. You may even find your soul mate living in the apartment across from you.

3. Credit. Just starting out on your own or recovering after a significant change in your life that ruined your credit? Renting can offer you options that are simply not available to people with no credit or damaged credit.  You can expect higher security deposits and maybe a requirement for a co-signer, but at least you’ll have options even if your credit is non-existent or less than perfect.

4. Maintenance.  Home ownership brings with it the responsibility of home maintenance. While some like to consider themselves “handy” and enjoy small projects around the house, the scope and cost of many home maintenance projects are significantly greater than many people realize.  When your water heater stops working on Sunday morning would you like to call your landlord and have it fixed that day for free or would you like to call the 24 hour plumber and pay overtime and weekend rates to have it fixed that day? What about that roof leak or lawn mowing or snow shoveling?  The list is endless.

5. Mobility. We all know how tough it is to sell a home these days and we also know about the uncertainty of the job market.  Renting provides more options to stay mobile as your job and life situations change. Getting out of a lease usually requires a 30 day notice and some form of a “buy-out” fee but this is significantly less than the cost and hassle of selling a home. Staying mobile has become a key factor to many employers looking to get employees in the right place at the right time. Being able to fill that need gives you an advantage over the person who says “I need to sell my home first.”

It is certainly a personal decision on what and where you call “home” but don’t get caught thinking that renting is creating something less than “home”.  Some of our longest term tenants continually tell us how much they enjoy living in a community where everything is taken care of and they are confident we are carefully screening who their next neighbor may be.  Renting is a great option for all stages of your life and should be considered carefully when looking for your next home.

About the author: Chuck Rich has over 30 years of experience in residential property management. He operates one of the largest private residential property management companies in the Tri-Cities, TN area including six apartment communities and many rental homes. You can reach him at 423-926-2100 or on-line at www.JohnsonCityApartments.com.

(C) 2015 Chuck Rich Properties - All Rights Reserved
2914 South Greenwood Drive, Suite 17
Johnson City, TN 37604
Telephone: 423-926-2100 - Fax: 423-926-5530