A Journey Through Real Estate

It’s a common idea, if you rent, you’re throwing away money.  You don’t have equity. You’re making someone else’s home payment for them.  It goes on.

And while this may be true for some people (most of us could be better about managing our finances), it isn’t true for everyone.  Shocking, I know, hearing this from someone who makes a living from helping people buy homes.  But there are many reasons why renting may be the best choice for your particular situation.

In my early twenties, I would have been a terrible homeowner.  I had very little grasp on the concept of planning for the future, managing my finances, and even on how home systems worked and how much it would be to “fix” something if something went wrong.  There are a few people close to me, who it wouldn’t make sense for them to buy a house.  They aren’t in a season of life where they are able to take on the responsibility.  And that’s alright.  I think it’s safe to say we’ve all been there at some point.

Some do not have the credit, or the financial security to purchase a home.  Whether it’s compounding student loans, a large medical debt or another situation, it would not be a smart move for them to make a purchase in their current situation.  Many times you will see ads for being approved with a low credit score, or other promises.  And for some it works great!  But, there is a reason for that low score.  I’ve had one, there is no reason to be ashamed by it!  But it’s important to pinpoint the WHY your score is damaged and HOW to improve it.  And while you improve it, it may not be the time to purchase.

Along with this, some do not have the savings to purchase.  It’s true, there are 0% financing programs out there!  But, if you don’t have a nest egg for say an emergency, or if your HVAC goes out, or whatever curve ball life may throw, then it may not be the right time.

So say you are in one or multiple of these situations.  It doesn’t mean you are wasting your money by providing a home for yourself or your family through renting.  Maybe it’s just the season you are in, and eventually you will be on the path to home ownership.  Maybe it’s something you have no interest in.  That’s alright!  Home ownership isn’t for everyone.  If you’ve thought about if it’s the right move for you, it’s worth a conversation!  Finding an honest lender who isn’t just trying to close deals, and an honest agent who will guide you within your budget is crucial.  My husband and I lament often that we should have bought a much less expensive townhome/condo instead of a single family when we did buy.  I don’t blame our agent at all!  We were adamant it had to be a single family, but in hind sight, we could have easily made do with a more modest home.

Another note to make, that I didn’t know when I rented, is that you can hire an agent to help you find a place to rent.  Typically the landlord pays the agent for bringing a qualified renter, so usually it’s no cost to you.**  Agents can help you locate a home, guide you through the rental application process, even negotiate a lower monthly rent for you and so much more. If you have any questions about the renting or buying process, please don’t hesitate to reach out!

**Every contract and agreement is different.  Consult your agent or their broker if you have questions.