Are you unsure whether to buy or consider homes for rent in Windsor Ontario? You may be like many right now who simply don’t know if it’s a good time to jump in the real estate market. And even if you can afford a home, should you?
Of course, there are lots of factors to think about before deciding to buy a home. Job stability is certainly one of them. But for many, renting a home seems to be the best bet. Here are some questions you should ask yourself before making a decision if renting or buying is best for you:
1. You plan to move in the next five years.
If you know you will be moving in five years, then renting may be your best option. If you buy a home, it cost you nothing in real estate fees. However, when you sell, it can cost up to six percent in real estate commissions. Include other costs and chances are, any profit you would have made in that small window of time would be gone. Therefore, the cost of selling would far outweigh any financial benefit.
2. Bad credit, small down payment:
If your credit needs improvement, then renting a home is an excellent idea. Take the time to repair your credit score and save while leasing an apartment or house. Most lenders will require 20 percent down when purchasing a property so establish a healthy budget where you save a generous portion of your salary while curbing debt. When you are ready to buy, the odds of buying a home at a better deal are in your favour.
3. You don’t want to worry about maintenance.
For many of those leaning towards homes to rent in Windsor Ontario, it’s simply because they don’t want to spend their free time with home maintenance. They would much rather do anything else on the weekends but mow the yard. If this describes you, then you may consider renting. Many home rental properties today include landscaping and certainly this won’t be a problem if you rent an apartment or condo. If you like the idea of calling the landlord when something breaks, then renting may be a good choice.
4. You want more amenities:
If you like to work out, swim, or live on a golf course, but know you can’t afford a home with a workout room, pool or on the 8th hole, then renting again, may be a good alternative. Many newer condos and apartments have wonderful amenities that are attractive to those that like to lead an active lifestyle.
Of course, with everything, there are drawbacks to renting a property:
1. It’s not your home:
This means that normally, you won’t be allowed to paint, nor remove the wallpaper you dislike unless you discuss and reach some sort of agreement with your landlord.
2. You may be asked to leave:
A renter must adhere to the lease or they can be asked to leave. Missed or late rental payments as well as creating a disturbance, can all be subjected to eviction.
3. You won’t make any real estate profits:
Any equity built-in property belongs to the owner of the property, therefore you cannot claim any of these profits.
4. You may not be happy with repairs:
If the homeowner makes a repair, but it’s not to your satisfaction, then there could be a problem. Perhaps you don’t like the plumber he or she uses, or the landscaper they hired doesn’t do a good job. Again, you are the renter so these issues may be out of your hands depending on the circumstance.
Generally though, when unsure of what to do, then sit down and look at your budget and lifestyle. Where do you see yourself in 5 years? If you still can’t decide, then consider homes for rent in Windsor Ontario until you are certain you want to be a homeowner. On occasion we have seen buyer’s remorse from those that purchased a home before they were ready. If you have any doubts, then chances are, it may not be the right time to buy a home. Consider a short team lease on a property, then, if something becomes available, you can be ready.