Don’t Get Stuck Renting Forever!

For some, it may seem a daunting task to save up for a down payment to buy real estate. While it is not an easy task, I have seen first hand the results of what renting for too long will do to a person.

I recently sold a property to a wonderful, kind-hearted client. He bought a property that had been rented to the same person for 34 years. This person is now 85 years old, retired, and on a low, fixed income…we will call her Theresa. At first, my client did not want to write an offer on the property because he did not want to displace the tenant, but after much consideration, he decided it would be better that it be he who buys the home, rather than somebody else that may not have the patience, heart, or wherewithal to contend with the process of helping her relocate. While my client did not want to inherit Theresa as a tenant, he did want to extend his hand in assisting to find her a new home.

The challenge Theresa is faced with is that she is completely priced out of the standard rental market. While very affordable at market rents for the time when she was younger, she is faced with an unsurmountable challenge of finding an affordable home where she can comfortably live out her life. Had she bought (or had the ability and guidance of how to buy) even a studio apartment when she was younger, she would not be in the position she is in today. This predicament is exactly what I encourage you to avoid, if at all possible. Renting is great for a short term housing solution. However, with some of the lowest interest rates we’ve EVER seen, I urge you to consider buying something, anything, to get your foot in the door toward

homeownership. Consider buying something that doesn’t necessarily meet ALL your needs, but some of them, and something you can live with for the next 5-7 years, at which time, the hope is that you would have built up some equity so as to enable you to move “up” to the next step…maybe from a condo to a small house.

Unfortunately, situations like Theresa’s are all too common. If you feel overwhelmed with the market and think you can never buy, give me a call at (619) 944-2798. I would be happy to consult with you in seeking a long term solution to your housing needs. You might be surprised at what we can accomplish together!