Renting Isn’t Essential In Home Ownership, But It Helps. If you’ve never rented before, you have no idea what’s in store for you when it comes to owning a home. Sure, you could jump in blind; plenty of folks do. However if you go the rental route first, you can get a much more clear idea what you’re dealing with, what you’ve got to look out for, and even a few things that couldn’t be anticipated any other way.
For example, consider reasonable wear and tear. For most property owners, their first home won’t be their last, just like their first car won’t be their last. Over time, it’s expected that an individual will own many homes. You might own seven separate properties inside forty years of marriage as you or your spouse expand careers and change communities. Or, just one. Perhaps even none, if you decide you’d rather avoid equity altogether and rent.
Before you sign your name on a lease which makes you responsible for the property in which you reside, figured? out what it means to be the manager of your own premises. You’ve got to clean up after yourself. A deposit is anywhere from several hundred to several thousand dollars. You can get it back if you effectively take care of your property.
Rental Considerations That Translate To Home Ownership
Floors will need to be vacuumed, swept, and mopped. You’ll have to shampoo the carpets if you live in an apartment for a few years. Walls need to be cleaned and painted, or repainted. You may have to apply wallpaper.
Plumbing and electrical issues will give you trouble, and apartments usually have landlords who are responsible for sourcing repair people. However, sometimes those repair people take forever to show up, and you don’t have a month to wait for them. You might have to effect repairs yourself. At minimum, renting lets you see how certain contractors operate.
When you rent, you’ll have neighbors as well. Some will be good neighbors, some won’t be. Learning how to deal with them in close quarters will give you greater insight into how you should handle obtuse neighbors in a neighborhood where properties are separate. Think of it as a trial by fire,or weight training. Generally, apartment neighbors are a bit more “intense” than those in a residential community.
Cost Increases And Initial
Something else you’ll have to deal with will be increases in your monthly rent. Rent-controlled communities diminish this substantially; but contending with this pricing switch will help you deal with expanded Home Owner Association (HOA) fees, and rising property taxes. You’ll have to properly budget.
Also, when you rent you’ll get an idea what you missed upon the initial examination of a unit. There are certain things like smells, electrical issues, plumbing issues, and exterior noise that you just can’t figure out until you live some place. Once you see what you missed when you rent, you’ll know what to look out for when you buy.
One thing you’ll want to do when seeking an apartment is examine multiple units before you buy. It’s wise to take a gander at a minimum of five units before you make your choice, and consider some of the items briefly outlined here. Sites like The Urban Avenue can provide a broad selection of available units, helping make the best choice.
Strategically Preparing For The Long-Term
It’s additionally wise to set for yourself a term of residency in an apartment, rather than being open-ended about it. While you aren’t responsible for property entirely, as this is the landlord’s job, you do have responsibilities that must be respected. Some units have pathways from the front door to the street. In snowy communities, you may be required to shovel the walk.
The better the units you find, the more responsibility you will have. However, with great responsibility comes increased associated value in terms of enjoyment, amenities, and other collateral positives. Expand that out for home ownership.
With a property you own, you pay a mortgage off which builds equity. With an apartment, you’re not building equity. This alone is a big reason to own a home, but because mortgages concern so much money, you don’t want to be responsible for one until you are absolutely certain of what you’re getting yourself involved in. Renting beforehand helps prepare you.