No, I didn’t fall off my rocker and yes, you are reading this correctly! I recommend renting to my clients if it makes sense for their current situation.
We all know long term it’s better to own than rent, but in certain instances, renting makes sense:
- When moving to a new city, if you aren’t 100% convinced a neighborhood is right for you, renting is a great way to get to know the area. You can check commute times, find some favorite local hot spots and see if your dog can make friends at the dog park. There really is no better way to know if a new neighborhood is a good fit for you!
- If you plan on moving in 5 years or less, renting is probably your best financial bet! The cost of buying a home takes time to recoup and home values are not likely to rise fast enough to turn a profit in less than five years, especially if you need a mortgage. Your first few years of payments are primarily interest. You don’t start making significant contributions to the principal until the 5 year mark.
- Empty nesters? Maybe it’s time to downsize or try a new city or a new lifestyle? Have you ever thought about moving downtown? Think a low-maintenance condo could be the way to go? This would be a big change for someone who has lived in a large suburban home for 30 years. Give it a try to see if it’s right for you by renting first.
Renting can be a good short term option if the situation is right. Let’s discuss your housing needs. Let me help you find the perfect solution. I will give you honest advice because my ultimate goal is to make sure you are happy wherever you choose to live!