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What Are the Benefits of Renting?

Buying a home vs. renting is a decision that most people face sooner or later. A careful consideration of the following will help you decide whether renting is your best option now.

Monthly Payments

As a homeowner, you will pay interest, insurance and property tax as part of your mortgage payment. If you live in a subdivision with Homeowners’ Association you may be required to pay homeowners’ association fees — all of which may make your monthly total home expense considerably higher than rent for a comparable property. Though the cost of renting may increase over time, of course, those increases will be clearly stated in a lease and may be limited by local laws.

Maintenance

Your Landlord should be responsible on major repairs and maintenance. The Property Manager hires the contractor to do the repairs. As a homeowner, you’ll be responsible for all maintenance and repairs of your house, so the condition of the house you purchase will be a consideration. An emergency fund is necessary to cover any unexpected repairs like HVAC, roof leak, preventative maintenance, etc.

Mobility

Some people have a career or job that requires frequent relocation, for instance, or if you anticipate needing more space for a growing family, buying a home may not be the best decision for you. Consider that an advantage to renting is that you are not saddled with selling a former residence, should you need or want to move. Especially with this market selling a home could take up to a year.

Of course, every situation is different. We at Alpha Property Management are willing to help and give you advise whether buying or renting is the best option. We will be more than happy to share our experience and knowledge.

 

REALTOR® Magazine-Daily News-Lawmakers: 20% Down Payment Is Too High

A bipartisan group of lawmakers are urging federal regulators to overhaul a mortgage proposal that includes a call for a 20 percent down payment for the “safest mortgages,” saying that it could threaten a full economic recovery “from years to come.”

http://www.realtor.org/RMODaily.nsf/pages/News2011060201?OpenDocument

Is It Time to Buy a Home? – WSJ.com

Is It Time to Buy a Home? – WSJ.com.

Back in June 2006, when the housing market peaked, the prospect of a five-year national housing bust seemed unimaginable to most people. And yet here we are, with the latest Standard & Poor’s Case-Shiller index showing that prices hit new bear-market lows, falling back to 2002 levels nationally and to 1990s levels in some battered regions.

8 Simple Ways to Save Money When Renting – My Money (usnews.com)

8 Simple Ways to Save Money When Renting – My Money (usnews.com).

Finding the Right Roommate for You, Renter’s Corner, Rentals.com Company Blog

Finding the Right Roommate for You, Renter’s Corner, Rentals.com Company Blog.

Greenville Visitors Guide – Greenville Vacation Kit – Greenville Information

Greenville Visitors Guide – Greenville Vacation Kit – Greenville Information.

Greenville Leads Nation In Rental Hike

The Greenville metro area saw the largest rent hike in the nation last year, according to BloombergBusinessweek.

via Greenville Leads Nation In Rental Hike.

Spring Clean Now to Attract Renters, Just for Property Managers, Rentals.com Company Blog

Spring Clean Now to Attract Renters, Just for Property Managers, Rentals.com Company Blog.

What Can a Professional Property Manager Do For You?

Historically, renting your home has been considered a relatively simple and low risk undertaking.  However, in recent years, this apparently simple task has become progressively more complex and the risks associated with becoming a landlord far greater.  While managing your rental is certainly within the abilities of most property owners, the time and effort involved in management may be greater than the cost of hiring a professional property manager.

The professional property manager is conversant with the applicable statutes and regulations relevant to the management of rental property.  In addition, the manager will typically perform the following tasks as part of the management service:

  • Advertisement of the rental property
  • Screening of potential residents
  • Preparation and execution of rental agreements
  • Disbursal of funds to the property owner
  • Collection of rents
  • Monthly and year-end accounting
  • Coordination of maintenance and repair work
  • Periodic property inspections
  • Disbursal of deposits in accordance with state law
  • Eviction of residents for breach of the rental agreement

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