Why Many People Turn To Housing Rentals Instead of Committing to Mortgages

by | Jan 30, 2013 | Travel

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The days when everyone automatically started shopping for a new home the minute they relocated seem to have come to a stop. Sure, some people still look for a new place right away, but many have opted to check out housing rentals instead. The economy is the to blame for this trend.

Right now the housing market happens to be a buyers dream. Never before have houses been priced well below their actual market value. Banks have foreclosed on many of these houses means further reduced rates. Yet, despite all the homes priced so reasonably, housing rentals continue to be an attractive option.

The economy has made people nervous. Prior to the recession, once a person found a job they liked, they always thought it would be something they would do the rest of their life. They settled into the community, and bought a house with the idea they would be living there the rest of their life. Now, Americans have discovered that even though their job might seem secure one day, the next day they could find themselves laid off and without any job prospects in the area. Many have found the only option available is moving. The last thing anyone wants is to be tied to a mortgage on a home they will no longer be living in and which could take several months, or even years to sell.

Fear of relocation is just one reason so many people find Tucson housing rentals so attractive. Many have added up the costs, and realized renting can actually be more affordable. As a renter the only financial obligations they have to worry about with regard to their residence is the monthly rent, renters insurance, and utilities. When appliances break down or the home needs work done on it, the renter simply has to contact their property manager who makes arrangements to correct the problem. Not having to worry about the cost of things like replacing roofs, fixing broken pipes, and replacing outdated appliances can be a huge stress reliever to a lot of people.

Another perk to opting for housing rentals instead of purchasing a house is the lack of property taxes. They become something the landlord has to worry about. The money you save by going for housing rentals instead of trying to find and buy your own home can go to upgrading your living options. You will be able to find a place with an extra bedroom, or a big yard for your dog, or even move to a more upscale neighborhood than you would have been able to afford if you purchased.

If you settle in you’re the rental and decide it’s not for you, you can take comfort in the fact you’re not stuck there forever. When you lease is up, you can start looking into other housing rentals.

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