Buying a home is often the most expensive purchase that someone will make in their entire life, the upfront costs can be staggering, but it’s the hidden costs that really add up. When you consider maintenance, insurance, taxes, and other miscellaneous costs that come up as the home ages, it’s no wonder that homeownership rates have been sinking over the past decade as people have gotten smarter with their money.
But is there a better way? Yes, you can rent that home of your dreams and save yourself numerous headaches. At DJW Management our team specializes in making your stay in one of our rental properties as uncumbersome as possible. Affordability is a very crucial aspect of buying a home. When you purchase a home, you are committing yourself to a substantial loan that will stretch for a third of your life on average, that is in addition to other obligations like transportation and credit cards. By renting, here are no staggering layouts of money, no mortgages with interest rates that border on usury, no primary mortgage insurance, no excessive closing costs, no drama.
After saving a fortune on the cost of a mortgage and the staggering closing costs, the number one benefit to renting a home versus buying one is that you will avoid costly maintenance. Homes are big and complex organisms, consisting of sub-structures and systems. The most expensive, and the most often serviced is the roof. The roof of a home is like the skin on your body, it protects what’s underneath and is vital to the longevity of your home. A new roof for most homes will cost anywhere between $15,000 and $50,000 depending on the material and size of the roof. For a modest $50,000 home, that is an additional 15% of the purchase price of the home, conservatively.
Beneath the roof are walls, and within them, plumbing and electrical. The average cost of a home plumber to visit and repair your pipework is $500 at minimum, an electrician costs $500 as well, so for modest home repairs to be done correctly and to code, it’s another $1000 a year. Whew, our modest $50,000 house is starting to look mighty expensive! Outside the home, there is siding and the yard. A lawn mower will cost you several hundred upfront and consume gas and your time. Why deal with the hassle?
Owning a home is a commitment. It means that you are now rooted, it means that if you want to travel the world, to see the picturesque towns along Route 66 or travel abroad for a duration, you will need to find someone to care for your home while you are away. You cannot just go on that dream vacation without solving a number of problems completely unrelated to your vacation. By renting, you can take that vacation with minimal fuss and still have a home to return to without having to worry about the in-between.
Finally, renting frees up your assets. Throughout this post, we’ve talked about how expensive home ownership is. For many decades, owning a home was seen as the “grown-up” thing to do, it showed maturity and stability. But as society’s views on money changed, so did the view on homeownership. Renting a home keeps more money in your bank account so you can pay off debt (like student loans and credit cards).
A much more efficient way to achieve home ownership is to rent a house. When you rent a home, especially through DJW Property Management company, you will save yourself time and money. When you rent from us, you offset all of your maintenance costs to us. We take care of the leaky roof, we take care of the expensive electrician and the plumber. We mow the grass, water the lawn, repair the siding, clean the carpets. We do all of it, so you can live your life and be the best version of yourself. Our services are extended to the entire Treasure Valley area, including Boise, Meridian, Eagle, Caldwell, Star and others.