There are a lot of myths surrounding renting that we are here to debunk. In fact, renters often get a bad rep, but there are actually quite a few benefits of renting over owning. As the housing market continues to remain competitive in Frisco and throughout North Texas, we are actually seeing the number of renters rise. People are also changing the way they think about renting, with it being much less of a “you are throwing money away” thing. While high rent prices can definitely be hard to swallow and make it more attractive to buy a home, this isn’t always the right option for people. Homes in Frisco are flying off the market faster than we can keep up, so renting until you find the “perfect” home may be just the right move. We should also mention all the maintenance and upkeep costs that come with owning a home. As a renter, when something goes wrong or breaks, you simply have to call your landlord or property management company and they will fix it. When you own a home, there is no one to call. This is just something to consider, and one of the main perks of renting!
Let’s now look at some of the most common myths about renting and why they are untrue:
- Renting is a waste of money – One of the first misconceptions about renting is that it is a waste of money and that you are in fact ‘throwing money away.’ Sure, you aren’t gaining any equity and you are paying another person to live in the place you call home, but this is certainly not a waste of money. As mentioned earlier, the maintenance costs associated with owning a home can be quite high, which is something that many people do not factor in. When you rent, the homeowner will take care of any upkeep and repair services, and in many cases the utilities are also included.
- The rental price is non-negotiable – Many people believe that rental prices and leases are concrete with no wiggle room. However, this isn’t always the case. Depending on the situation, you may be able to negotiate the advertised rental price so that it is more in your price range. This is usually more likely when dealing with an individual rather than a property management company or leasing professional, but it never hurts to ask.
- You are stuck in a lease once you sign on the dotted line – This will vary depending on who is in charge of the property, but some lease terms are negotiable. If you sign a 12-month lease, only to get a job offer across the country or have an opportunity to move in with your significant other, you may be able to break the lease. It is always a good idea to ask about the property’s lease break policy prior to signing the contract. In some cases, you may be able to sublet your apartment or home or pay a small fee to get out of the lease.
These are just a few of the most common misconceptions about renting. If you are thinking about moving to the Frisco, area but aren’t ready to buy yet, contact The Cheney Group. We often have clients who are interested in renting their home, and we would be happy to connect you. To learn more about Frisco’s thriving housing market, please give us a call today.