Renting is an excellent way to get some firsthand experience in a neighborhood. Renting may let you sign an one-year lease, say in a Shirlington two,-bedroom condo for example, with the option to continue, if you like the neighborhood. An advantage of this is you can test the waters to see if you really love the features of this neighborhood or not. If you do not like where you are, for example, if the four-bedroom, two-story home in Lorton is not your style, you may relocate to another place.
Pay as You Go
Many Americans live from paycheck to paycheck. Upfront, you will have a security deposit with a rate that depends on your credit score. If you have a good credit score, your property manager may only charge one month’s rent, for a security deposit. On the other hand, if you have a poor credit score, your property manager may charge two months’ rent for a security deposit. After this initial fee (which may be refunded if you meet the requirements like passing the move out inspection), it is a comforting feeling to know that after a chunk of your paycheck is put into your monthly rent, there’s a good portion of it left for bills, necessities, and fun expenditures, like neighborhood nightlife, or personal hobbies.
Short-Term Commitment & Little Investment
Not sure if you want to stay in Northern Virginia as a Washington DC commuting GS-5? Do you have plans of living in California and seeing Napa Valley, Los Angeles, and San Francisco firsthand? Are you active duty military with upcoming orders for a new assignment, with no interest in the responsibility of becoming a homeowner? If so, these questions may make you lean towards renting, as opposed to buying. It is nice to know that as a renter, you would not have to concern yourself about footing the bill for a repair on a roof that is falling apart, paying a monthly a condo fee (that could range anywhere from $150-$700), or paying the bill for a lawn service to pick up the leaves from your $1,000,000 Mount Vernon home in fall. Overall, renting may be cheaper up front, but it is not for everyone. Also, who says you simply cannot purchase a property at a later date?
Build Your Credit While You Sock Away Savings for a Down Payment
Paying your bills on time is an excellent way to build your credit score, and to show lenders that you know how to manage your money. If you are frugal, you can take a chip off each pay check, to build up a savings for buying a home in the future. The return on applying your savings to the purchase of the home of your dreams can be exponential. For those with an eye on the future, being a responsible tenant can prepare you financially and teach you the accountability necessary for home ownership.
Spending time with friends can make for priceless memories. Living together can be fun and slightly cheaper than going solo. The process of getting a group of friends together to rent out a property may be very rewarding and challenging. A Nesbitt Realty Realtor, like Stuart Nesbitt, is capable of making the later stages of finding and renting a property simple. There are many different neighborhoods in Northern Virginia to choose from, that can fit your specific needs such as: