When It Doesn’t Make Sense To Keep Renting

Apartments in some cities and municipalities offer as much space as the average size house. Amenities in apartments make living at the rentals comfortable and flexible. There are granite kitchen and bathroom counters, large walk-in closets and spacious bedroom en suites, to name a few apartment amenities.

Why it might be time to transition from renting to owning

With amenities like these, you can feel like you’re living at a house even while you rent an apartment. But, that doesn’t mean that it always makes sense to keep renting a house or an apartment. When you rent, you’re not in complete control of your living arrangements. Your landlord is.

Generally, renting a house offers more independence when it comes to making decisions about your living space than renting an apartment. However, regardless of where you rent, your landlord may communicate that you cannot:

  • Keep large dogs in your apartment or leased house
  • Upgrade bathroom or kitchen cabinets
  • Plant fruit or vegetables in the front or backyard, even easy to care for food like tomatoes
  • Install a different style of windows at the property
  • Allow guests to stay at your apartment for longer than three to four weeks without getting management approval
  • Rent  one or more rooms even if you are not using the space
  • Barbecue on your front or back porch or in outdoor areas besides set barbecue cooking locations near the clubhouse or recreation center

More reasons to stop renting

Lack of authority to have any type of pet that you want at your home or redesign and style the property the way that you want is only one reason why it might not make sense to keep renting. Check out these other reasons when it doesn’t make sense to keep renting:

  • Less opportunities to build real estate equity – You’ll never own property that you rent unless you enter a rent-to-own agreement with the current owner of the property.
  • Rising rents – It’s not uncommon for landlords to raise apartment and housing rents once a year or every two to three years.
  • Fewer chances to make money off the property – Owning your own home gives you the chance to earn income from the property. For example, you could rent out your house while you take ownership of another house, broadening your real estate equity.
  • Limited parking options – Although parking lots at apartment complexes are large, you have a limited number of parking spaces that you can use. If parking at apartment complexes is small, the apartment management might only be allowed one parking spot per resident.

It’s true that renting removes the need to pay for and perform house repairs and general maintenance. By renting, you also avoid taking on a mortgage. What you don’t get when you rent is assurance that, despite inflation and other economic shifts, your monthly housing costs won’t change. You also generally won’t have the authority and legal right to make any design and structural changes to property that you rent whenever you want.

Secret Home Value Increasers

Rising home values are a key to making your home pay off in the long term. As your home values rise, your risk of staying in debt should you have to sell your house lowers. The chance to earn a profit off the sale of a house may be one of the main reasons why people buy houses instead of renting.

Easy ways to increase your house’s value take into account popular house amenities and architectural designs. Some popular house amenities and designs are appreciated more by people living in certain regions of the country.

Popular house amenities and designs add value to a home

For example, people living in Arizona or other hot, dry climates out West might lean toward clay brick houses that are made with exterior colors that complement the earth’s reddish brown hues. Americans living in cold, moist Northeastern climates might prefer houses with exterior vinyl siding, covered driveways and flat surfaces, the kind of surfaces that keep their vehicles from sliding on ice and snow.

Specific examples of popular house amenities include:

  • Outdoor in ground swimming pools
  • Indoor Olympic size swimming pools
  • Two car covered garages with automatic garage door openers
  • Open floor plans
  • Newly installed roofs
  • Original hardwood floors that are in great condition
  • Lush front and back lawns
  • Wrap around porches
  • Cathedral ceilings
  • Large open, walk-in closets
  • Bedroom en suites that are large and spacious
  • One level home designs
  • Multi-level home designs
  • Large bay windows
  • Gorgeous natural outdoor views

Although they are not permanent, built-in house amenities, modern and reliable household products like a family size washer and dryer, stove, oven and dishwasher also add value to a house. Leaving these removable household products in your home can actually cause some house shoppers to get off the bench and put in a bid on your house.

Secret home value increasers can add a lot of value

Those are some of the more obvious ways to add value to your house. Secret home value increasers don’t always cost. In fact, one of the greatest home value increasers is free. It’s the history that comes with the house.

Celebrity homes and houses that were once owned by historic figures like popular politicians, business leaders and social and civil rights leaders can pull in thousands, sometimes millions more than houses that don’t have this type of rich history. If you buy a house that’s rich with history, you can make this a huge selling point should you decide to part with the house.

Of course, you could also achieve your own greatness and add rich history to your house all on your own. Incorporate popular house amenities and rich history in a house and you might be shocked at how much you can command on price when you go to sell the house.

Additional secret home value increasers are mother-in-law suites, a finished basement, a finished attic and a full-size gym. A full-size gym may add even more value to a house as Americans focus on becoming more physically fit.

Location is another secret home value increaser that you should pay attention to. A house that’s tucked away in a secluded area surrounded by trees and colorful foliage will attract some home buyers. Other home shoppers want to be near shops,entertainment and bustling businesses, social and nightlife.

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Reasons to Become a Diligent Homebuyer

A diligent homebuyer understands what it takes to shop for a residence. As such, this individual may be better equipped than others to discover a house that matches or exceeds his or her expectations.

Ultimately, there are many reasons to become a diligent homebuyer, including:

1. You can boost your chances of acquiring a top-notch residence.

Buying a home can be a long, complex process, particularly for those who lack housing market insights. Fortunately, it is easy for any homebuyer to become a diligent homebuyer, thanks in large part to the wealth of housing market data that is available.

A diligent homebuyer can analyze the prices of recently sold houses, along with the prices of homes that are currently for sale. By doing so, a diligent homebuyer can understand whether he or she is shopping in a buyer’s or seller’s market. This homebuyer also may be able to narrow his or her home search.

For those who want to acquire a first-rate residence, diligence is paramount. And as a diligent homebuyer, you may be able to identify many opportunities to purchase a deluxe residence.

2. You could save money on a home purchase.

When it comes to shopping for a home, there is no need to overspend, regardless of whether you’re searching for a residence in a buyer’s or seller’s market.

Meanwhile, a diligent homebuyer is a thrifty home shopper who understands how to save money on a house.

A diligent homebuyer, for example, may be more likely than others to get pre-approved for a mortgage. This homebuyer will meet with a variety of lenders and learn about all of his or her mortgage options. That way, a diligent homebuyer can enter the housing market with a budget in hand and avoid the temptation to overspend.

Furthermore, a diligent homebuyer knows how to stay calm, cool and collected in stressful price negotiations with a property seller. This homebuyer will possess the housing market insights to make an informed purchase decision. In addition, he or she will have the confidence to walk away from a potential home sale if price negotiations get out of hand.

3. You can accelerate the homebuying process.

Although a diligent homebuyer analyzes real estate market patterns and trends closely, he or she usually realizes that navigating the housing sector alone can be tough. Thus, a diligent homebuyer may reach out to a real estate agent for extra help.

A real estate agent can provide even a diligent homebuyer with the necessary assistance to speed up the homebuying cycle. This housing market professional can help a homebuyer understand and overcome assorted property buying hurdles. Plus, he or she can offer expert insights into the housing market that a homebuyer may struggle to obtain elsewhere.

If you plan to purchase a house in the near future, it definitely pays to become a diligent homebuyer. This property buyer will be able to browse a broad array of high-quality houses, assess these residences effectively and seamlessly move through the process of acquiring the perfect home at the lowest price.