There are many factors that come into play when deciding whether to rent or buy. However, it is important to distinguish between fact and fiction when making such a meaningful decision. There are quite a few myths about renting, but we’ve narrowed them down to debunk a few of the most common misconceptions.
Myth: Renting a home is not as financially viable as owning.
Fact: Many people see home ownership as a long-term investment, but this does not mean that renting is less financially viable. In fact, there are many costly aspects of owning a home, including mortgage payments, repairs and other expenses put into the home throughout the years. There is also the question of the value of a home once the owners consider selling and if it will turn a profit. Renting with Wan Bridge mitigates many of these risk factors and still gives renters the opportunity to experience community living in the home of their dreams.
Myth: Renting is only for those who cannot afford to purchase a home.
Fact: This could not be further from the truth. Many renters choose to do so as a lifestyle choice, so they do not have to worry about the regular maintenance and upkeep that usually comes with owning a home. In the past, the only option for these individuals would be to rent an apartment, but our Wan Bridge homes allow them to enjoy all the benefits that come with a single-family home and none of the chores. There is a flexibility that comes with renting that ownership cannot offer, giving renters the ability to move with ease, and it is a cost-effective way to establish roots in a place without investing in a property. During the pandemic as people continue to work from home, renting is the perfect option for those looking to relocate for the short or long term.
Myth: The longer you’ve lived somewhere, the less likely you are to get your deposit back.
Fact: Although there will most likely be more “damage” done to a home after living there for an extended period of time, this does not necessarily mean residents should not expect to get their security deposits back. Property managers often take into account the amount of time a resident or family has occupied a home when assessing security deposits. However, to ensure your deposit is returned in full, it is best practice to restore your home back to the condition it was in when you first moved in.
When considering whether to rent or own, these are just a few of the factors to take into consideration, but it is important to get your facts straight before making any big decisions. If you are interested in learning more about our single-family rental communities, contact our team today.
Sources:
Debunked! 8 Myths About Renting You Should Stop Believing Immediately, Realtor.com, Jenny Lelwica Buttaccio; January 16, 2018
Is Renting Really A Waste Of Money?, Forbes, Garrett Gunderson; December 2, 2020
