Renting a home can come with some great benefits. Renters enjoy not having to maintain the property or appliances, amenities in the building, and sometimes even cheaper rates or discounts. If you are in a stage of life where you don’t want to commit to a home long-term, renting is a great option! The cons of renting are well documented, however.
Because the owner of the property has the right to raise your rent under most city laws, many renters find themselves moving frequently because of rising rental costs. This can be expensive for the renter, both because of rapidly rising rental prices and the cost to move. Application fees, deposits, movers, and other fees add up quickly. Depending on where you live, there may be laws in place to keep them from doing anything completely unreasonable, but nonetheless, you will likely find your rental rate jumping up from year to year without any improvements made to the property. Sometimes these rates jump due to changes in the market.
Rental rates are predicted to rise in 2023. If you are a potential renter, you should consider how this could affect your budget and adjust accordingly. If you are happy with the property and are sure that it is in proper rental shape, some landlords might allow you to sign a longer lease to lock in your rate for an extra year or two, depending on the state of the rental market. Under most lease agreements, the property owner is liable for damages and is required to take care of any appliances that break down or heaters or air conditioners, etc.
Homeownership is the obvious way to take control of your future and pay into an investment that will eventually become your full property. Getting a great deal on a mortgage is paramount to making sure you can fully pay off your property and have financial security down the line. If you are considering renting but have the financial savings to explore homeownership, it may be a great time to do so, as the market for renters is going to continue to rise in price for years to come.
Are you ready to buy a home in the Birmingham, Tuscaloosa, or Auburn, Alabama areas? Contact me today to get started!
Contact me today to get started!