Many people chose to rent for a variety of personal reasons. Sometimes people stay in a rental for years and years. It may be hard to tell when it is time to move from one rental property to another. Or it may be hard to tell when it is time, if ever, to stop renting, and to buy a home. Should you stay or should you go?
Reasons to Stay and to Go
- Land Lord or Management Company
A management company or landlord can make your world wonderful or a pain. My unit was recently sold to a new group and the new supervisor is making up rules as she goes. My home is my sanctuary, and when she begins to cause discord there, then I begin to think it is time to move. If there is a change in personnel or personality for the worst, that may be cause for you to leave.
- Rent Increase
If your rent increases drastically, then it could price you out of your unit. Just remember that moving is expensive, as well. Will the movers, the first, last, and security fees, and the pet fee actually cost you more than the monthly rent increase combined? Do the math and go by the numbers for your decision.
- Deterioration of the Rental
Has the appearance of the rental as well as the general upkeep fallen off recently? Is the grass in the front high as your waist and full of weeds? Are the railings rickety and the steps crumbling? You can call the city for some of these offenses, but if they continue to happen, you may want to get out of the building soon.
- Growth in the Family
If the family has increased so much that two of the children are sleeping in the bathtub, you need to move. While you have had this place since you were a freshmen in college, it appears that it no longer suits your needs. If you are unable to move due to finances, then a redesign of furniture and storage may free up some more room for the family. Sometimes, money locks you in to a small place and you work with what you have.
If you are now ready to build up home equity, then you need to buy your apartment if possible, or relocate to a new place you can purchase. Let a good financial planner and real estate agent help you know your financial boundaries and then let the hunt begin.
- Job Relocation
Congratulations on your new job. However, if you are so far from your existing rental that your new pay increase is being eaten up by travel costs, then let the games begin and find your new home. If you know that this career stop will be short with a new move coming quickly behind this one, then sign the appropriate lease term. See if you can get a six or nine month agreement.