If you're a millenial thinking of renting or buying, take a minute and read this article by Debe Maxwell, CRS . She makes some great points to think about. Although Debe is in Charlotte, the same holds true for Boca Raton, Florida or any of its neighboring cities of Delray Beach, Boynton Beach, Lake Worth, Deerfield Beach or Highland Beach.
Millionaire To Millennials: Don’t Get Stuck Renting A Charlotte Home… Buy One!
Do I rent or do I buy? - the question that is at the top of the minds of not just millennials but, anyone who is currently renting. This is an age-old question that is typically answered by most financial advisors, "Buying is the only option." However, there are a few exceptions to this rule in my opinion -
- If you're going to be in a location for a year or less, it doesn't always make sense to buy. The process on both ends would consume a good amount of that year for the buyers, turned sellers.
- Moving to an area and you are absolutely not sure what area is the right one for you, renting for 6-months to a year can be a smart option. I would challenge you that if your agent hasn't been able to demonstrate to you that he/she has fully assessed your lifestyle situation and all other factors that come into play for the area of the city you need to be in, you may want to change agents!
- Renting temporarily (3-9-months) while your home is being built. We consistently have several clients who are doing just that. If you need to reside in the area/city where your new job has brought you, renting is your only option in this circumstance, in my opinion.
- You're just out of college and need to build up your credit and save for a downpayment on a home. It's going to take two years of 'seasoning' your employment before you will be able to qualify for a mortgage loan. Use these 2-years wisely - save your money any way you can and you may even want to consider continuing your current status of 'rooming' with someone else to share expenses. Your savings will accumulate a lot quicker when you're sharing expenses, including rent.
However, building wealth begins with homeownership. We can’t all rely on inheritance or a spouse who makes 6-figures right out of college! It takes careful planning and saving but, more importantly, it takes determination, drive and goal-setting to ultimately achieve financial freedom.
© Debe Maxwell | The Maxwell House Group | RE/MAX Executive | CharlotteBroker@icloud.com | Millionaire To Millennials: Don’t Get Stuck Renting A Charlotte Home… Buy One!
*Title and photo provided by Keeping Current Matters
Originally posted at https://www.icharlotterealestate.com/millionaire-to-millennials-dont-get-stuck-renting-a-charlotte-home-buy-one/
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