Do you rent? Buying isn’t for everyone, but renting can have negative side effects. If you are in an apartment, you are probably very close to your neighbors, especially if your unit is in the middle of the building; you may share walls with neighbors as well as having neighbors above and below you. If this is the case, you probably have had issues with loud music or the sound of others waking you up at night. Many renters think they can’t buy a home and have to put up with lousy neighbors and renting issues, but this might not be the case. The following has a few more reasons why renting can be bad for you and a solution to your renting problem.
Why Not to Rent
The biggest reason renting is bad for you is that it can be a waste of money. You get nothing for all that money you spend in terms of your future. You won’t get anything back when you move unless you get your deposit refunded, which many tenants do not. When you buy a home, you pay a mortgage that builds you equity. Another reason why renting is not good will be evident if something in your home breaks. When things break, you have to contact the landlord to get it fixed or replaced. Landlord’s are often dealing with many tenants at one time and can’t respond to your issues right away. You have no control over what happens because you do not own the property.
Going a step further, you are also not allowed to renovate the property in any way. That means you may be stuck with out of date appliances. Many tenants are not even allowed to paint their walls or install wallpaper. When you rent, it is hard to feel like the space belongs to you. Also, when your lease is up, there’s no guarantee you can renew it. Your landlord might decide to take advantage of the booming Colorado real estate market and sell the house/condo. If you do get to stay, your landlord will most likely raise your rent. The solution is to buy. If you are currently renting, but think you want to buy, contact Mark Eibner today. Mark has been in the real estate business in Colorado for decades and can get you the best deal possible.