What Are The Advantages Of Leasing A Property? Subscribe to YouTube channel
Hey, everyone. Just want to take a few minutes today to discuss with you why leasing a home may be a better option than buying a home. Obviously, buying a home is ideal, but in some instances, it can make more sense to lease. One of the best reasons to lease is if you need to sell your home before buying your new home. And you’re not just looking to move in a home right away way, you’re looking to find the ideal home for you.
So that way, once you sell your home, you can quickly move into something temporarily until you find the home you want. And that way you’re not rushing and flustering, what if I sell it and I can’t find something, or I find something in my house hasn’t sold yet? You don’t have to worry about a mortgage long term in a house that you may or may not want. So that way you can rest assured that once your home is sold, that you can take your time and look for the home for you. One of the other reasons to lease is if you’re in a situation where you don’t necessarily want to commit to a mortgage at this time because you don’t know how long you’re going to live there.
Ideally, you want to be in your home within three to five years at least to get the money back from what you invest into it, although your monthly payment will be a lot less when you commit to a house. Maybe you just want to say, well, let me just give myself a year, make sure I’m not familiar with the area. I want to make sure I want to live in this area, and that way I’m not fully committed to the house as I would as if I were to buy it. So those are just a few good reasons. One thing I want to mention is that alot of people feel like if they can’t buy a home due to their credit and income, then they should be able to lease, and that’s not necessarily the case.
In many instances, your credit score, the landlord wants you to have a 700 credit score and to make three times the monthly rent in order to even qualify to lease the home. Whereas if you’re buying a home, you only need, like, a 620 credit score. So you definitely want to keep that in mind if you think that leasing the home is going to be a better option for the reason of your credit score, because many times that is not the case. So I hope this was helpful. If you have any questions, definitely leave a comment below or email me at [email protected]. All right, thanks. Have a great day. Bye.
This has been “What Are The Advantages Of Leasing A Property?” by Patrice Henderson of Designed Living Real Estate. Be sure to subscribe to her YouTube channel for all your real estate tips, home tours and advice. Get your FREE buyer’s consultation to determine if it’s better for you to lease or buy a home.