Renting in Louisville
Renting a house in Louisville is actually a very good option for some people. If you are new to the area and are not sure where the best place for you family, renting can give you time to do your homework. If you are trying to dig out from under our economic uncertainty, renting can give you time to build your credit back or save for another down payment. Here are a few of the benefits of renting:
Renting means flexibility
When you rent, you can move or change your situation at any time with very little cost. Putting down roots is great but if you situation is not perfect, and is subject to change, renting is a good short term solution.
Renting means someone else does the repairs. When you own your own home you MUST budget for repairs and the list never ends. As long as you have the cash flow this is not a problem. If however, cash is tight, and after the fees and costs of a monthly mortgage money is tight, renting may make sense until your cash flow solidifies.
Renting does not have fees and taxes
With renting, you never gain ownership of the home you’re renting. However, you do not have fees like property taxes, recreation fees and association fees.
Renters insurance is less than homeowners insurance. Because you are just insuring the contents of your rental home, insurance is a fraction of the cost of homeowners insurance.
Home prices still may have further to drop. One fallacy that was exposed during the last five years is that home prices will always go up. Nothing can be further from the truth. If you view the housing market like any other market, because of inflation, in the long run, yes, prices will rise. But what about the short term, especially over the next year. Many experts still believe that home prices may not have hit bottom.
Buying a home is life changing. But the timing is critical. Ask me about renting short term. I can help you with ALL the details until you are ready to buy. I did find this great calculator link from the New York Times comparing the true cost of renting vs owning. Have a look!