If you failed an online quiz about whether you are ready for home ownership, don’t despair. Even if you are better off renting now, you can still use this time to prepare for home ownership in the future. Renting new apartments with spectacular amenities and brand new fixtures, appliances and flooring can give you a taste of what you want in the future. Not only can you test out the neighborhood, figure out what kind of layout, cabinetry and flooring you prefer, but you can save for a down payment. According to an article by AOL Real Estate, there are several signs you aren’t ready to buy a home. If you discover home ownership isn’t right for you, console yourself by renting trendy, new apartments in a part of town where you couldn’t normally afford to live. You may even discover the perks of being a perpetual renter such as a better social life and fewer maintenance responsibilities.
Moving up the job ladder
Most people who settle down by buying a home have a stable job. In real estate, experts often talk about the “five-year rule.” If you think you could be relocating due to your job or other reasons within five years, rent an apartment instead of buying a home. Renting gives you the chance to explore a career in a new city, but leaves open the door for a corporate relocation or job switch.
Learning to juggle bills
When you rent a new apartment, you don’t have to worry about paying for broken appliances, painting or paying for someone to do lawn maintenance. However, you do have to pay the rent and often utilities. You may even want to hire someone to clean your apartment for you. Renting an apartment for the first time is a way to establish independence as an adult and juggle bills. By paying your rent and other bills on time, you improve your credit score so you will more likely qualify for a home mortgage.
Having a chance to save
Although some young people jump on low down payment programs for first-time homebuyers, they end up regretting getting in too much debt. Renters can take the time to save up a substantial down payment. By saving up 20 percent for a home, you avoid paying the PMI (private mortgage insurance) which increases a monthly mortgage. Renters can also save up for closing costs, an emergency fund, home maintenance costs and moving expenses.
Testing out the goods
Many people who rent a newly built apartment or one that’s less than 15 years old grow accustomed to a luxury lifestyle. Most new apartments have upgraded countertops and features not found in older apartments. After renting a new apartment, you will be more knowledgeable about kitchen and bathroom fixtures and features as well as flooring.
Getting settled in a new relationship
Another way that living in an apartment can prepare you for owning a home is by giving you time to develop relationships. Many married couples start out renting an apartment together. They figure out how to live together and what kind of design and layout preferences make sense for their lives. According to AOL Real Estate, it’s better to rent if you feel pressure into buying a home. Buying a home is a rite of passage, but not until you are ready for the commitment.
Experts say couples who buy a home that needs a lot of work often experience marital friction. Whether married or single, enjoy the peace of mind that comes with living in an apartment community with a property manager to attend to your maintenance issues. As a renter, you don’t need to pay for a plumber, an electrician or worry about major unexpected bills for a new roof. Also, there are no home association fees or property insurance bills.
At Wood Partners, we take pride in our luxury apartments, great locations and stellar property management services throughout the country. For more information about our luxury properties and amenities, please contact us.