Should you rent, or should you buy? When applied to the home, people will offer different opinions on how to proceed. In my experience renting homes and apartments, and searching for places to buy, I’ve met people who have been happy to do one or the other. Because circumstances do not allow us to buy right now, it’s helped me gain a better perspective on long-term renting. It is my hope that my personal experiences will guide others into an easier decision with regards to finding a home.
Renting a house, condo, or apartment as opposed to buying outright has its pros and cons. If I have learned anything from doing the former for so long it’s this:
1) Renting makes home repair easier. If you have a leak, or a broken down appliance – assuming you haven’t caused the damage yourself – you need only to pick up the phone and call the landlord. If you live in a complex, chances are you don’t have to worry about lawn care and lanscaping either. It all comes out of your rent.
2) Renting can restrict the way you live. If you want a dog, or wish to paint a wall, you may not be able to if your lease forbids it. While renting does take away some of the responsibility of repair, it also limits what you can do to the house in the time you live there. Even things you view as improvements may not fly if the owner doesn’t wish it.
3) Renting is convenient for temporary situations. If you know for certain you don’t plan to live in town long, renting can make it easier when it comes time to move. You don’t have to worry about whether or not the house will sell, and if you have a flexible landlord you may be able to dissolve your lease terms early.
4) Renting may cost as much as buying. Look at the check you’re about to write for the month. Is it as much as a mortgage payment on a house? When you think about it, the money you shell out for essentially “borrowing” a home could be applied to something that eventually becomes yours. Isn’t that money better spent?
How you choose to live is up to you. You may not think you are ready or able to buy right now, but unless you research or enlist the help of a real estate agent you won’t really know. Consider all options of renting and buying a home before you make a decision.
K. Lively is a freelance writer specializing in articles on homes for sale in Virginia Beach and condos in Norfolk.
The results are in, and we are proud to announce that Nancy Chandler Associates has won the Gold Award for Best Real Estate Agency in Norfolk, from the Virginian-Pilot’s Annual Reader’s Choice Awards. This is an incredible leap from last year’s Bronze Award win, and we are so pleased to be considered the best in a city we sell so well. We take pride in our expertise of Norfolk homes for sale, and to be awarded Gold by the people of Norfolk is the greatest compliment anyone can receive. Thank you!
In addition, we also won the Bronze Award for Best Real Estate Agency in Chesapeake for the very first time. Folks in Greenbrier and Western Branch are sure to see our signature For Sale signs around town – though we’re based in Norfolk, we want to help home buyers find that dream house no matter where it is. Norfolk, Chesapeake, Virginia Beach…it’s all about you.
We would like to thank all of you – wherever you may live – who took the time to vote for us in this annual poll. Your support means so much to us, and knowing that you believe we are the best Norfolk real estate agency will motivate us to work harder to find you great deals on homes in the Norfolk area, and throughout Hampton Roads!
Preference in home ownership tends to be cyclical. For decades people looked to the suburbs and outlying areas of major cities for living options, generally because larger properties could be had at reasonable costs. These days, however, we see a shift toward urban residency and a downscaling of personal items. Choosing to live downtown, in fact, can make for a greener existence and help lessen your carbon footprint.
The Advantages of Downtown Living – the Green Way
Commuting to work seemed less of a hassle when gas prices were affordable. If you work in the downtown area, chances are buying or renting a condo or loft may have greater appeal. A shorter trip to work, augmented by public transportation or merely the chance at some exercise, definitely proves a more eco-friendly lifestyle. As downtown residences develop, so do surrounding city blocks by establishing grocery stores, boutiques, doctors’ offices, and other services. An extensive tour of your downtown with a qualified real estate agent can reveal the convenience of living close to work – daily necessities are readily provided, plus options for entertainment and recreation may increase if your city’s maintains concert and sport venues in the vicinity. This could allow you to keep your car in storage or, better yet, sell it and not have to worry about insurance or payments.
As the average loft or apartment within the city may average between a thousand and fifteen hundred square feet, you’ll find there may not be enough room to house everything you own. Cutting down on personal items and furniture makes for a more environmentally friendly living space – the less you own, the less energy is required to sustain your home. Add on some green appliances and fixtures like low-flow plumbing, hardwood floors, and eco-friendly lighting and you could save big on utility bills, too!
As a healthier living option, the urban lifestyle has its benefits. If you work in a major downtown area and are done with the lengthy, nerve-wracking commute, consider a closer move to treat not only your sanity, but your wallet.
Kathryn Lively
Looking to rent a home in Virginia Beach? Whether you want to live by the Chesapeake Bay or closer to the growing Red Mill section of town, Nancy Chandler Associates has the listings available to you. Contact us today to learn more about finding the right home to rent.
3095 GLASTONBURY DRIVE, Virginia Beach VA
2116 LYNDORA ROAD, Virginia Beach VA
Great two story townhome with new carpet and paint. Living room with ceramic tile. Eat-in kitchen with all appliances. Sorry, no pets. (read more)
1016 AUTUMN WOODS LANE, Virginia Beach VA
Cute 2 bedrm 2 bth condo w/hardwood floors in the living room and dining area, all major appliances, washer/dryer, walk in closet, access to the community pool, tennis courts, club house, water, sewage, and trash are included. Near Va Bch Gen. Hospital. (read more)
2288 PRINCESS ANNE RD, Virginia Beach VA
(read more)
Looking for more information on where to rent in Chesapeake, Virginia? Nancy Chandler Associates is your source for renting a home in Hampton Roads. Visit our website today and search online for available properties.
819 PINEVIEW LANE, Chesapeake VA
Well kept 3 bed, 2 bath twin home. Lamanate flooring in living room and hall, 1yr old carpet in bedrooms. Fenced, large backyard. Refrigerator, dishwasher. Very convenient to shopping and interstates. (read more)
4057 OAK MOSS COURT, Chesapeake VA
Great 2 bedroom, 1.5 bath townhome w/converted garage for 3rd BR, office or den. Central heat/air, nice backyard, fireplace, range, refrigerator, microwave, dishwasher. Western Branch schools. Beautiful inside, don’t miss seeing this one! Won’t last long. (read more)
4325 PORTSMOUTH BLVD., Chesapeake VA
Clean well kept ranch, all appliances including washer & dry er,workshop,privacy fence in rear,insulated windows,new heat & air,new carpet,rare find. (read more)
201 ATTWICK COURT, Chesapeake VA
Open and bright contemporary condo located across the street from Ches. Gen. Hospital. Two master suites w/full baths, lots of cabinet and closet space, washer & dryer included. Patio area great for entertaining, BBQ’s, etc. Sorry, no pets. (read more)
315 FELTON, Portsmouth VA
Cute ranch! All appliances including washer/dryer, big front porch, double driveway pad, det gar w/elec & water, fenced bckyrd, nicely landscaped. Approx 1 block from Olive Branch Elem School & approx 2 miles from Chesapeake Square Mall, f or sale also $174,900 and/or rent w/option. (read more about Portsmouth, VA rentals)
501 HAMPTON PLACE, Portsmouth VA
Two large living rooms, one can double as a third bedroom. Great street in beautiful Olde Towne Portsmouth. Huge apartment with many new features. Great balcony. Rent includes hot water, sewer, and trash pick-up. (read more about Hampton rentals)
409 WATERS EDGE LANE, Suffolk VA
Terrific condo and location in Harbour View. Very open 2 story floor plan with 2 master suites. Neighborhood pool, park, lace, nearby golf, movies, restaurants & Joint Forces Command. (read more about Suffolk rentals)
406 W THIRD AVE, Franklin VA
Completely Remodeled From Floor to Ceiling All The Way To The Stub Walls! Nice Master Suite w/Walk-In Closets On 1st Floor. Super Kitchen w/Stainless Steel Appliances. Beautiful Wood Flooring In Main Living Area. Appliances Included. Available for Sale or Lease. (read more about Franklin, VA rentals)
As the housing market and the economy as a whole tries to recover from the recent slump it has experienced, many cities in Hampton Roads have seen housing prices fall consistently for the past year they have been on the market. This is causing many home owners to open their homes up to the option of renting, preferring to get the house off of the market and producing some income to support costly mortgages.
Old Dominion University recently released a study that determined renting may be a more financially responsible decision at the current time. With three-bedroom houses for sale in Virginia Beach at an average monthly mortgage payment of around $1,400, the study shows that comparable houses for rent in Virginia Beach average about $1,287 per month this year.
While it is true that rental prices have been shown to rise year after year and housing prices have been steadily falling, the prices probably won’t even out for another couple of years. That being said, it seems that renting is a far better choice for families looking to move into a house in Norfolk or Virginia Beach. This is true until you consider a few other factors.
First, this study doesn’t take into account the tax break one gets from owning a home. This alone could make up the difference between renting and owning a home, but there is also another key advantage to owning.
When you own a piece of property with value in Virginia Beach, you are building equity and the home value will rise over time. This factor makes buying homes for sale in Virginia Beach a better option in the long-term than renting.
Whether you are looking for homes for sale in Norfolk or rental properties in Chesapeake, visit Nancy Chandler Associates at http://www.nancychandler.com to help with your housing needs.
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