There comes a time in most people’s life when renting their first apartment is a fun and exciting
milestone. After several years of renting, you may find the shine has worn off the love of your lease.
There may be several factors that weigh in on your decision to move on to a new location. Let’s take a
look at four major reasons you may be ready to lose your lease.
1. Life is changing – You may not be in the same life situation you were when you first signed your
lease to move into your apartment. The thought of living with 3 of your best friends, sharing a
room and bathroom may have lost its appeal as one or more of you coupled up over the past
few years. You may have gotten married or even started a family and renewing a lease for a
space with no potential for expansion may not be your best bet. Keep in mind that even if your
family expands those four walls will not.
2. Landlord issues – One of the perks of renting is having someone else responsible for the
maintenance and repair work around your home. That advantage may have diminished if you
are working with a difficult landlord. If your concerns are not being met in a timely manner or
even worse, ignored completely, it may be time to look for a new living situation. A landlord that
refuses to fix things around the house means that you either learn to live with the issue or fix it
yourself. Typically repairing things, yourself incurs expense and your time. If you are able and
willing to do these repairs on your own you may want to think about buying your own place.
3. Raising rent – With the housing market in its current status the availability of quality housing
options is becoming harder to find. What does that mean for rent? When more people are
trying to get into fewer homes landlords can charge premium rents for less than premium places
due to the supply and demand. This means that when it comes time to renew your lease your
landlord may be considering charging more for the same space. If you look and see that similar
rentals in your area are going for more than your current rental rate be sure that your lease
renewal may come with an increased price tag. Paying more without getting more doesn’t tend
to sit well with most renters.
4. Buying a home is easier than you think – There are many options available assisting people to
get into their first home. In Utah especially, there are several options available for first time
home buyers to get assistance with their down payments. The best way to know what your
home buying options really are is to find a professional loan officer and have them review your
financial situation. They also will know all the programs available to you as a first-time home
buyer. Getting into a home of your own may cost you the same or even less as what you are
paying in rent, but will build equity for your future. To see what your rent vs buying situation
may be click here.
So, whether you are looking for more space to rent, or you are ready to take the first step towards
building a financially fit future by buying a home, take a look at all the factors that may affect your
decision. Just staying put because “it’s easier than moving” may cost you more than just money.