October 2008

Welcome (back) to the world of renting

So you lost your home to foreclosure and now you have to rent?  BOO-HOO-HOO! You should rejoice! Renting is given such a bad name and frankly, it's that mentality which contributed to the housing crisis.  If you had not bought into the belief that you HAVE to own a house, then maybe you would've stayed within your means and actually saved the money necessary for a down-payment , rather than committing to the sub-prime loan that just screwed you over! But enough with the lectures!  It's time to look on the bright side of renting. One of the major advantages of renting versus owning(unless of course you have loads of money) is that for the most part, you can choose where you want to live, again, so long as it's within your means.  You may not be able to afford the apartment with the sweeping views of the city, but you might be able to afford living in the neighborhood. Another advantage to renting versus buying: if you decide the neighborhood you thought you'd love turns out to be a crack den when the sun goes down, then you can choose to move when your lease expires!  Renting offers flexibility that you don't get when you buy a home, where you are committed to the property unti