Advantages On Both Sides
You may be in a process of selling a home. But just because you’re selling one doesn’t necessarily mean you’ll be buying another one.
Maybe you’ll consider going in a new direction. There are stages in life that will determine your decision. One thing many fail to consider when deciding between renting and owning is that both can be viable options.
You can own a house for a while, then sell it and live in an apartment for a few years. Should that not suit you, it’s possible to sign up for another mortgage and put down roots.
First Things First: Selling The Home
For those looking to sell owner financed note, bear in mind that the seller has to finance the sale and carry back the mortgage note. Since owner-financed notes are often made without the direct involvement of a bank, caution and understanding are required.
Associated taxes, etc. will likely need consideration. As will the secure transmission of currency in the right amount. You want to be as informed as the experts are, should you go the owner-financed note route. It makes sense to work with an agency if you aren’t really sure what you’re doing.
Once you’ve successfully sold your property, you’ve got assets. Those can be turned into another property, or you could coast through a rental for a while—even perpetually if you’d like. You’ll be paying around the same as you did for your mortgage, more or less.
Luxurious Rental Options
As you can see here, some apartments are downright luxurious: “Pearl—a collection of signature DTC apartment residences and curated amenities where luxury exists inside, outside, and all the places in between…apartments are spacious and stylish homes nestled among landscaped walkways and pocket parks…”
This phenomenon isn’t limited to the Midwest, either; there are some downright desirable New York studio apartments, let’s not mention San Francisco or Los Angeles.
Another advantage to renting is that utilities are covered in a singular cost, and many aspects of your home’s functionality are the responsibility of the company renting the space. This means you can get a lot of things fixed for free.
Also, apartments with a communal environment are certainly convenient. Living, working and playing all in one building save you a lot of time and energy. It’s conceivable to do all three! Also, you can always travel around as you like. But when you’ve got a massive community of friends just a stroll away, you may find yourself feeling “homey” in the new space.
Also, you can always travel around as you like. But when you’ve got a massive community of friends just a stroll away, you may find yourself feeling “homey” in the new space.
Pros And Cons
Of course, on the downside, you don’t own where you live when renting, meaning it’s possible to get evicted if you don’t play your cards right.
Sometimes you can’t be as loud as you’d like even in the most luxurious apartments because your neighbors are persnickety. Things like this will always be an annoyance.
Also, your rent doesn’t go into your bank eventually; it’s just gone every month. With a mortgage, at least you’re paying for something you own, meaning you could sell it and get some of your investment back potentially.
Ultimately, whether you live in a private residence or a rental property, you will need to sacrifice some things to enjoy otherwise unattainable benefits. So know what you’re getting into before you sign up for anything.