by Ken Richter
on Tuesday, October 13th, 2020 at 9:09am.
For most people, there first home is a rental property.
A rental property is a great way to learn how to live on your own without the responsibility of property taxes or major repairs. It is ideal for people unsure of where they want to settle by allowing you to test out a community, and for people whose lives may require they move frequently. Rental properties are also a way for people to get into housing if they don't have the financial means to qualify for a mortgage and buy a home.
Rental properties also come with some downsides. It can be hard to fully feel 'at home' when you are living under someone else's roof, potentially with other individuals. You also do not have the creative freedom to paint, complete renovations, or put nails in the wall. One of the biggest downsides is having to work with a landlord who has the power to essentially make you homeless, especially if the individual is testy.
Whether you love or hate renting, it is recommended that eventually you do purchase a property on your own. Property is a fantastic investment, even with the ebbs and flows of the real estate market. It allows you to build equity and credit in something, rather than all your money lining the pockets of someone else. It can feel nerve wracking to sign on the dotted line of such a significant endeavor, but it's an exciting step towards building your future.
Here at Team Ken Richter we love helping people find homes, but we also want to make sure those homes are a blessing and not a curse. We recommend working with a mortgage specialist to determine what you can afford and to really put some thought into your long term goals and housing needs when it comes to location, size and more.
If you're unsure of where to start, connect with Ken Richter directly today by calling 403-630-6363. He can help you dream and strategize!