Saving Dollars for the Future: Renting

Housing

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The quest for the perfect home begins — with you stalking every listing, bounding from avenue to avenue. All properties are examined… and consequently discovered to exceed your prince range. A budget was established long ago (with your bank accounts deciphered for every possible penny). You know what you can afford and that amount is far too limiting. To receive the home you want would demand high mortgage payments and the looming threat of foreclosure. All of your savings would be flung toward a structure.

And that… does not appeal.

Owning a home is a goal you’ve maintained since you were a child, when the need for stability was considered paramount. That need hasn’t subsided, but it has been transformed. You understand that the value of money diminishes when applied to property and earning enough to compensate will take time — as well as renting.

The notion of renting is too often dismissed. Individuals assume that it is the kin of waste: with dollars lost each month to a landlord and no equity secured. The truth favors this process, however, for those wishing to save. The cost of leasing a home is far less than generating a down payment (and the interest that it requires). The fees are not as strenuous, and the costs of repairs and maintenance can be avoided.

This is vital — allowing individuals to accumulate money through the years, sparing themselves the loss of their paychecks. A budget can expand and the result can eventually be the ability to buy the right home for the right price.

Renting is a short-term option with long-term rewards.

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Avoiding Foreclosure: The Renting Advantage

Half million dollar house in Salinas, Californ...

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It’s a collection of uncertainties, of endless complications and concerns. Owning a home has forever been deemed the great dream of the masses — achieving that dream, however, has proven instead to be a terror. There are mortgage payments to meet. There are maintenance woes to consider. Each month demands an endless stream of dollars; and the result is rising debt. Money is stolen by a house before it’s even earned. No savings can be generated, just worry.

And eventually that worry transforms into foreclosure. Bills could not be paid and interest rates proved to be too damning.

This isn’t a concern, however, of the neighbors down the street — who rent.

There can be no denying that owning a home is a worthwhile idea. Too often, however, is the idea unable to actualized. The expenses that properties can create are infinite: from initial down payments to association fees and beyond. It can be difficult to match the demands.

Those who rent, however, have none of these fears. Their costs each month are instead considerably less — with payments required only by their landlords. There are no other contracts to maintain, and this removes the threat of foreclosure (which subsequently removes the threat of broken credit scores and bankruptcy).

Through renting individuals can earn a sense of control, budgeting their dollars and gaining the chance to save each year. They do not own the properties and therefore are not effected by the complications that may occur on those properties. It’s a lack of responsibility that can prove to be vital.

Home ownership isn’t to be ignored. It’s simply not for all.

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More Space, Less Money: Renting

Picture of the "Gingerbread House" i...

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A grand home waits on the corner of an equally grand street — it’s shaped to Victorian sensibilities, with columns flanking its entry and details carved into its wood facing. Its size is massive, with windows flooding the upper levels and the roof slanting toward infinity. You… want it. It’s the property you’ve been dreaming of: the meet of architecture and charm. And a sign waits in the yard, promising that the space can be purchased.

That promise is cruel, however — because the cost of owning the home will deplete your savings and generate debt that you aren’t certain you could ever overcome. It’s simply not possible to buy the space.

It may be possible, though, to rent it.

An assumption of real estate is that all elegant properties must be purchased. Since these are too often costly, however, individuals instead settle for less impressive homes — buying what they don’t want while slowly trying to gather equity. It’s a gain of tiny houses and meager rewards. This process isn’t necessary, though. It can instead be circumvented.

Renting offers individuals the ability to have the space they crave without the expense. A simple monthly fee ensures that all rooms are paid for — but no mortgage notes or loans must be addressed. This spares countless dollars each year, ensuring that savings can still be generated.

Choosing to lease a large home enables individuals to have what they could never afford to buy — with an excess of space offered without the usually excessive price. This is a value that can’t (and shouldn’t) be denied.

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