Should I rent before I buy and how do I find a rental in the place I'm looking to move?
If those are questions you've been asking yourself then this is the right spot!
We also share a great FREE resource at the bottom of this post, thanks to Consumer Advocate.
Today we share tips on moving to a new place and potentially having to rent for short-term, and finding a rental that works for you in order to make that process happen.
Making a move from one state to the next can be exhausting; emotionally, physically, and logistically.
If you have to sell your current home there might be some time where you don't have a home to live in if you're looking for a new place, or waiting to build, so the only solution in that situation may be to rent.
This is a great short-term option because it lets you immerse yourself in the community that you plan to live, potentially send your kids to the school to see if they like it, and become a part of your new home while waiting to actually be IN your new home.
So, how do you know where to look for a rental if you aren’t there in person or you're not familiar with the area?
A real estate agent can certainly lead you in the right direction, however, a lot of rentals are handled by property management companies or rental companies and sometimes it is easier to go with them directly.
Here is what we would recommend doing if you find yourself in this situation:
Step 1: Visit the area and explore the location. Register yourself at the information center with the realtor you plan on working with and just start exploring the neighborhoods so you have an idea of whether or not you would like this location and where you might potentially want to live.
If you decide to build, then you can get that set up and then find a rental while you wait for your home to be done. If you're still just not sure where you want to be, then you can find a rental in one of the communities that you're considering and that way you get to experience it firsthand before you find the right house for you.
Step 2: look online for some possible rentals and always double check that they are legit. One company that we recommend is Pathlight Property Management and they own properties in many different cities, which they rent out for short-term and long-term leases. They have a great website with all of this information here.
Step 3: continue searching for the right home while you're living in your rental
It's been a debate for decades as to whether or not renting versus buying is better and truthfully it all depends on your situation.
When purchasing a home you are Investing in something tangible and when you spend that money every month versus a rental where, yes you're paying to live there, but that money isn't going towards anything that could potentially reimburse you in the future.
It is also debated as to which option is more cost effective and again, that could depend on your financial situation.. However here are some fun facts to know: the percentage of your income needed to rent a median priced home is about 27.7% right now.
Rentals are pretty expensive especially in areas like Lakewood Ranch, especially, because it is desirable, so that's something to consider.
At the same time, the percentage of your income needed to
buy a median-priced home is only 17.5%
Interest rates are low so you can get a great rate and pay less, long-term, which makes this a smarter investment in most situations.
Lakewood Ranch offers some rental options as far as apartments and condos some of those include Creekside, Residences at the Green, and the Adley Lakewood Ranch. T
hey are also opening a new single-family rental community called Estia Lakewood Ranch. This will feature 102 one-bedroom, 725- square-foot units within 51 duplexes; and 128 stand-alone, 1,000-square-foot, two-bedroom homes. It will be located off Lakewood Ranch Boulevard adjacent to Bob Gardner Park. This might be a great solution if you do not need a lot of space in your rental.
You probably have other questions about mortgages and rates that might help make this decision easier, so we teamed up with Consumer Advocate who did a great job putting together an all-inclusive guide about the mortgage industry and how current rates are impacting buyer’s decisions, and how you can shop around for a home from home in this new era of covid-19 precautions.
Their strategic guide uncomplicates concepts of the mortgage market that are up to date with the economic state of the industry. By using simple terms and infographics, it is easy to understand your options and narrow down what will work best for you, as a buyer.
Download your free guide here.
For more questions and information on how to make the best decision for you, contact us!
We are happy to help!