05 Nov Who Do You Wish To Pay?: Yourself, Or A Landlord?
Although the question, might appear, overly simplistic, and/ or obvious, it really, may not be! Do you wish to pay, yourself, or a landlord? While, perhaps, in an alternate reality, we might be able, to answer this simply, but, there are scenarios, considerations, etc, which might make this, somewhat complex, and/ or, complicated! With that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, both, the advantages of owning, a home, of one’s own, but, also, certain times, and conditions, when, renting, might be, in someone’s, personal, self – interest.
1. When renting makes the most sense?: For some, owning is only a dream, because they, either, do not have good – enough, credit, and/ or, the savings, and funds, needed, to qualify, and/ or have the down – payment. This may be a short – term scenario, or a longer – term, one, and it is wise, for someone, to always, proceed, with a customized plan, and focus, on their strategy, into the future. Others are better served, by renting, because, they are new, to the area, and aren’t sure, where they want to live, etc. Renting provides them, with the short – term, flexibility, to do, what’s best, for them, and to proceed, with judgment, and realistic focus, etc. Others fear the responsibilities and necessities, of home ownership, including, maintenance, repairs, and unanticipated expenses, etc. Before buying a house, a wise, qualified, potential home buyer, must understand his personal needs, fears, and whether, he is willing to expand the limits of his self – imposed, comfort zone!
2. Advantages of buying: Making the decision, to purchase a home, is one of the most important ones, we make. Instead of proceeding, in a haphazard way, it is important to strategically, prepare, with a well – formulated, personal strategy! Are you prepared to be a homeowner? Are you disciplined, enough, to commit, to creating the financial reserves, for the necessary, down – payment, unforeseen contingencies (such as job interruption, financial reverses, etc), and separate, realistic reserves for repairs, renovations, upgrades, appliance repair/ replacement, fixed costs (such as utilities, mortgage payments), etc? Will you check your credit report, and make the optimal adjustments/ repairs, to enhance your potential, to qualify for a mortgage? When you rent, you pay your landlord, but, when you own, you build significant equity, for your own, best interests!
Buying, versus renting, is a significant personal decision, and action! Will you make a meaningful, quality decision, which serves your self – interest, etc?
Richard has owned businesses, been a COO, CEO, Director of Development, consultant, professionally run events, consulted to thousands, conducted personal development seminars, for 4 decades, and a RE Licensed Salesperson, for a decade+. Rich has written three books and thousands of articles.