Essex Houses for Rent
Rent or Buy - More than Just Affordability
For some people seeking shelter today, accommodating your lifestyle is sometimes more important than affordability in the rent-vs-buy comparison. Since the end of World War II, Americans have scrimped and saved to buy that first home in order to begin accruing equity. The question is, in the Connecticut real estate market today, do the same benefits of home ownership apply as they have for so many years?
There are a number of considerations other than affordability consider before you decide to buy real estate in Essex or to rent a home.
Location is an important factor in the decision to buy a home, but where you rent is also key. Buying a home in Essex is very affordable today due to the economy and real estate market conditions. Some larger cities are experiencing an influx of people who want to relocate closer to work or the cultural attractions that are often found in major metropolitan markets, increasing demand for real estate and prices. One look at Essex real estate listings today will confirm that the Essex real estate market is a buyer's market.
The economy. Renting a home in a recovering economy offers time to save for a larger down payment putting yourself in a better position to buy. Today's economy has impacted many people's job security and employment opportunities and also prompted lenders to tighten credit. While the local economy is often critical in deciding whether to rent a home or buy instead, that doesn't necessarily apply to the Essex real estate market since so many people take advantage of the easy commute to work. Nevertheless, generally it is a good idea to take a close look at the local economy where you would like to buy. Realty3 CT Essex real estate agents have the advantage of a network of 4 other real estate offices in CT and can draw on their expertise for a unique view of the overall economy in Connecticut in addition to Essex.
Ease of relocation. If you sell real estate too soon, given the time it now takes to accrue equity, you could be forced to sell at a loss. Rental homes are generally for a one-year term and often convert to month-to month at the end of the lease. House rentals on a short-term or month-to-month rental contract are a lot easier to unload than it is to sell a property. If you need the flexibility to relocate to move back to your home town with family or due to career considerations, rental homes for some period of time might be a better option for you. And Realty3 CT Essex does have a CT Relocation division should you need such services.
Square footage. If you don't spend a lot of time in your home, the large space of a rental home might be a waste of money and space. So if you're on the go or travel frequently a studio apartment or just a place to sleep might be all you need.
Job security concerns. Thousands of homeowner's have experienced their worst nightmare losing a job in recent years. In today's uncertain economy job security is the exception rather than the rule and without that comfort the flexibility to relocate could help you to find another job much more quickly. Paying the mortgage or selling a home quickly could be quite a challenge in today's housing market and defaulting on your mortgage can lead to foreclosure and wrecked credit. If your job is even the slightest bit unstable, a rental home may be a better choice since jobs are tough to come by.
Poor credit. With financial reforms continuing to be put in place after the mortgage crisis many banks are hesitant to loan. Sterling credit is a great advantage and year or two of renting and careful credit use can give you time to boost your credit score and position yourself as a strong homebuyer. If your credit is trashed, lenders simply will not approve a mortgage for you. Mortgage calculators will be helpful when you begin to shop for that.
Maintenance. In an apartment complex and often even a rental home, the landlord or property owner is typically responsible for upkeep on the property. The best homeowners are do-it-yourselfers who don't have to call the plumber every time the sink stops up.
Your relationship. If your relationship is strong buying a home can be a wonderful experience. However, if you're with someone who may be out of the picture just a few years from now might be a good reason for a rental. Home buyers often depend on two incomes to make ends meet so if there's a possibility of a future split, renting might be a better option until you work things out.