If so, have you considered the disadvantages and the dangers?
You already know some of the disadvantages:
- You can’t repaint to suit your taste – you might not even be allowed to hang a picture.
- You have rules to live by – things like not owning a dog or cat; not being able to put up a basketball hoop for the kids; not making any noise after a certain time of night; not being able to let visitors park a motor home out front if they come to visit; or not being able to park your own boat or RV at your home.
- If you’re in a house, there’s no sense in planting shrubs or perennials because they won’t belong to you. If you’d like to have a vegetable garden, it may or may not be allowed.
How about the dangers?
- Supply and demand dictates rental prices, so the next time you renew your lease or rental agreement, the monthly price may be higher.
- You have no assurance that your lease will be renewed – the landlord’s children might want that space.
- You could be evicted because the landlord is insolvent. With so many people in financial difficulty today, it’s not impossible that your own landlord might be one of them. That house or apartment could be repossessed right out from under you, although there are some protections in Virginia in terms of the remainder of your lease.
Yes, that does come with disadvantages:
- You’ll be responsible for all upkeep.
- If something needs repair, it will be up to you.
- If you decide to move to another community, it could take a little time to sell the house.
But it comes with better advantages:
- Being master of your own space – doing as you please, decorating as you please, owning pets if you please, etc.
- Resting easy knowing no one can tell you to leave – unless you fail to make the payments, of course.
- Knowing that if you’ve obtained a fixed rate mortgage, the only way your payments will go up is if property tax or insurance rates rise.
I’d be glad to meet with you and show you homes here in Alexandria that are available for the same monthly payment that you’re now paying in rent. I can also introduce you to lenders who will help you even if you’ve had financial difficulties in the past or are short on down payment funds.
So call – in a few weeks you could be a happy homeowner.