Today, in a lot of cases it is cheaper to own than to rent. I am sure you are asking yourself; “how can that be true?” Well, with there being so many foreclosures (many of them are in move-in condition, some need work) the price is cheaper meaning your note would be cheaper than your rent.
Especially with the fact; there is no ceiling on rent. So think about it and DO NOT GET too comfortable with Renting!!!
Today, it is much more difficult to rent then it is to purchase. Many renters are finding it difficult to rent out properties - for many reasons:
Owners are having a hard time renting:
Many owners are asking for 3 to 5 times the rental of income
Many times renters may have to go thru different Applicant Processes
Many times due to previous experiences with tenants - owner's have spend thousands of dollars repairing, replacing, and remodeling units due to tenants not caring about their property
Many times owners have allowed tenants to rent; shortly, after paying a few times - tenants stop paying their rents.
Renters need to ask themselves the following questions:
Why am I renting?
What am I getting from renting someone Else's property?
What do I have to show for me renting this property?
What will I gain in the long run from rent this property?
Sure a Renter has to live some where and a owner have to rent to someone. Be the best Renter possible and be the best Owner possible.
As a Renter - owners will not have a problem renting to you if you showed that you are tenant worthy. Pay your bills on time - safe guard your credit. Leave the property in the same condition that you found it.
Owner/Landlord - keep your property in good condition - do not have tenants feeling like the only thing that you do well is collect rent. Fix the things that needs repairing - on time and sometimes before time. Have regular inspections and remodel units.
As a Renter - do not get caught up in the Renter Bender. Meaning, once you start renting you forget that you are a tenant - you get to comfortable and you never leave. Months turn into years and years turn into decades..........After many decades you realize that you have paid well over the amount to have owned your own home - many times over.
- the best thing for you to do is Arm Yourself With a Strategy Plan.