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Buying your own home is on most people’s bucket list but there are time when renting might be the better choice.
Try before you buy
Not sure if a neighborhood is really right for you or perhaps you need time to assess an area before making a long term commitment. If that’s the case, then renting could be a good option for you. Renting
gives you the opportunity to see if a neighborhood lives up to your expectations and suits your needs before you buy. For example, you can sign a one year lease for a two bedroom condo in Shirlington,
with the option to extend the lease if you like the neighborhood. If you don’t like it and say for example, a 4 bedroom, 2 story home in Lorton
is more your style, then you can always relocate
Pay as You Go
Many Americans live from pay check to pay check and renting a property can help you draw up a realistic budget and live within your means. Before you sign a lease you know what your rent will be and you can work this amount into your monthly budget. When you do your calculations remember that you will need to pay a security deposit upfront and the rate depends on your credit score. If you have a good credit score your property manager
might only charge one months’ rent. On the other hand if you have a poor credit score your security deposit could be two months rent. But keep in mind that the security deposit can be refunded if you meet the requirements of the move out inspection.
Because rent is a fixed monthly cost, you will know exactly what portion of your income to allocate to rent and what portion remains for bills and other necessities. If you are realistic about the property you can afford to rent then you will have money left over every month for fun expenditures, nightlife
and personal hobbies
Short Term Commitment
Not sure if, as a Washington DC commuting, GS-5, you want to live in Northern Virginia? Do you dream of relocating to California and exploring Napa Valley, Los Angeles and San Francisco? Are you an active duty member of the military with no idea of where your next assignment might take you? There are many reasons why people don’t want to make a long term property commitment and renting means that you won’t be tied down and makes it easier to move at a moments notice. Or perhaps you just have no interest in the responsibility of becoming a homeowner
? Then renting, as opposed to buying, could be the right choice for you. As a renter you won’t have to worry about footing the bill to repair a leaky roof, paying monthly condo fees,
or paying for garden services to pick up the leaves from your Mount Vernon home
. Renting a property can enable you to live the lifestyle you want without the responsibility and financial commitment of owning your own home.
Build Your Credit and Save for a Down Payment
Buying a house is a huge financial commitment. It is usually the biggest single purchase most people make in their lives. Renting a property and being a responsible tenant can help you achieve your ultimate goal of owning your own home. Paying your rent on time is an excellent way to build your credit score
and show lenders that you can manage your money. If you are realistic about the rent you can afford, and you are frugal with your money, you can build up your savings for buying a home in the future
. Renting will also make you aware of the true costs of owning a property and prepare you for the financial commitment and accountability of home ownership.
Not everyone wants to live alone and sharing a house with friends can be fun and lead to priceless memories,
but it also has the added advantage of being cheaper than going solo. However, it is worth remembering that choosing good roommates can be challenging. Just because you are good friends doesn’t mean that you will be good roommates. Nobody is perfect, and some of your friends might have annoying habits that you just won’t be able to live with, so think carefully before asking someone to move in with you.
There are many different neighborhoods in Northern Virginia that will meet your specific requirements for a neighborhood, such as easy access to the metro
, a main street vibe
or proximity to good school
, and your needs in a property, like a certain architectural style, luxury features and affordability.
With so many options to choose from it is worth asking an experienced Nesbitt Realty Realtor, like Stuart Nesbitt
, to help you find the perfect rental property.
How big are homes for rent in Fairfax County?
|Tiny (1 to 600 sqft)
|Smaller (601 to 700 sqft)
|Small (701 to 1,100 sqft)
|Modest (1101 to 1,500 sqft)
|Mid-Sized (1501 to 2,000 sqft)
|Large (2001 to 2,500 sqft)
|Big (2501 to 3,000 sqft)
|Very Large (3001 to 4,000 sqft)
|Sprawling (4,001 sqft and up)
[Or select your rental own criteria.]
Why not work with a local, small-business that cares about your needs? There is no charge and no obligation to consult with a real estate agent.