Most people say that purchasing a home is a smarter decision than renting, financial wise. However, becoming a homeowner is a huge decision and can be an expensive one. Homeownership isn’t for everyone and for some, Pensacola rentals can actually be a more cost-effective option. Here’s why:
Affordable Housing is Hard to Find
Nowadays, it is hard to find a house that costs for less than $300,000 and even if you find one, they usually require substantial improvements in order to be livable. More often than not, homes of under this price need new foundation work or roofs. Rentals, on the other hand, tend to be more affordable, with huge 2-bedroom apartments going for no more than $1,000. You get to enjoy various appealing amenities and you do not have to raise a large down payment.
Affordable housing is a countrywide issue, and purchasing a house is out of reach for most citizens. In such cases, it makes more sense to rent than purchase.
Homes Aren’t an Investment
Homes are usually touted as an ideal investment, but the recession that occurred in 2008 showed that isn’t always the case. There is no guarantee that your house’s value will increase over time and actually, there is a chance it could decrease. We saw houses worth $500,000 plummet to $180,000 and many faced foreclosure.
Houses are a place to reside and not to invest. The goal should be to look for a safe place to live and not necessarily earn money.
Flexibility is Key
Homeownership can be scary as it feels permanent. Yes, you could sell the house if you need to move, but that process tends to be complex and time-consuming. Also, if you’re not careful, you may end up losing money on the sale.
Pensacola rentals offer more flexibility. If an opportunity rises elsewhere in the country or overseas, you just have to break your lease and you’re free to leave. Having such an option is reassuring, particularly in this era when it’s hard to secure jobs.
Maintenance Is not Your Problem
If you were to purchase a $300,000 home, the down payment and the monthly mortgage would just be a part of the expenses. You would have to budget in order to prepare for other issues such as emergencies. If the appliances break or the roof requires repair, you would have to cover the costs.
However, with Pensacola rentals all you have to is contact Main Street Properties Property Management. Within 24 hours, they will have the problem solved without having to spend a single cent. Not having to worry about the additional costs will certainly give you peace of mind.
Purchasing a house is a personal decision. While most say that owning a home is smart for financial security, it doesn’t guarantee stability. It is not the only option available. Depending on your situation, renting can give you more disposable income which you can use to pursue other goals.
For ideal rentals in Pensacola, feel free to get in touch with Main Street Properties Property Management.