Home ownership once represented of the American dream. But times are changing. More Americans are renting today than at any point in the last six years. Home ownership is neither good nor bad on its own. It has everything to do with your situation. Sometimes buying a home is the smart thing to do and other times it really isn’t. You must ask yourself some questions before making long-term housing decisions. You might just find that renting is a better option.
Ask Yourself Questions
The first question you might ask yourself is how long are you planning to stay in your home? Successful home ownership requires you to stay in your home for longer than you’d need to if you were renting. Timing is everything. The housing crisis was a real thing and many homes decreased in value. And when it happens you could potentially owe more on your house than it is worth. When you rent, you eliminate that risk.
What’s the Real Cost of Renting or Buying?
The next question to take into consideration is the cost. Comparing rent prices to mortgage payments is a good place to start. But don’t forget to look at the hidden costs. For renters, the cost is the lack of home equity and the inability to claim those housing-related tax breaks. Homeowners need to consider costs such down payments, private mortgage insurance, homeowners insurance, property taxes, and home maintenance. A home can become quite a money pit. When you rent, all these costs are the responsibility of the landlord. If you need a new roof, you call the landlord. If your furnace goes out, you call the landlord.
Working with a Property Management Company
Let’s say you have decided to rent. Now what? First you must determine how much you can afford to spend. Most experts will say that you should spend no more than 30 percent of your net income. Once you know how much you can afford, reach out to a local St. Louis property manager to help you find the perfect property.
At Deca Realty, we have been in business for 29 years and have experienced a wide range of issues. So we empathize with our tenants and we work hard to deliver a great rental experience. Our vacancy rate is the lowest it has been since Deca’s start in 1990. This means our tenants like and continue to live in our properties.
We are accessible and we make rental payments and maintenance requests easy. We just introduced payments via Rent Money which allows you to pay at hundreds of retail locations around St. Louis. You can also pay rent with cash, check, money order or online using your checking account or credit card.
An excellent St. Louis property management company will do anything in their power to make sure you are provided for and cared for. They are happy when you are happy.
There are great arguments to be made for buying a property. But, home ownership is expensive. If you’ve decided that renting makes more sense for you right now than buying, please contact us at Deca Realty.