If you plan to live in the same town for the next couple of decades, becoming a homeowner makes a lot of sense. As long as you can make the mortgage payment and handle the expenses associated with home ownership, buying a home can be an excellent investment.
Of course not everyone is in this type of situation. While some people know that they will be staying put, others may not know where they will be living or working next year or even next month. For those men and women, short-term housing has a real appeal. Here are three reasons a stay in short-term housing may be the best choice for you.
#1. Your Employer Likes to Move You Around
Whether you are in the military, government service or the private sector, you might find yourself changing locations frequently and moving around the country. If you are in such a situation, a short-term rental is an excellent alternative to buying a home and taking on a mortgage.
Real estate prices tend to rise over time, but they can fall sharply over short periods. The last thing you want is to have to sell your home while property values are declining. Being a renter for the short term makes sense and protects you from a sudden erosion in home values.
#2. You Are Thinking of Moving to a New Area
Moving to a new area is sometimes a risky proposition. You are leaving behind everything you know. Including your friends and family. You are taking a chance on a new home in a new part of the country, hoping that property values go up and you can afford your new mortgage.
Before you make the leap, take a few weeks (or months) and explore the area. A short-term rental gives you the ability to explore the area in depth before you start shopping for a home. While you are staying there, you can check out the local real estate magazines, make appointments with a few local realtors and even attend an open house or two.
#3. You Are Getting Ready to Retire
If you are getting ready to retire, you may be thinking about relocating to another town – or part of the country. The grass often looks greener on the other side of the fence, but if you are not careful you could make a costly mistake.
If you are evaluating a new place to live, staying in short-term housing makes a lot of sense. Staying in a short-term rental property is less expensive than staying in a hotel, and it gives you the freedom and flexibility you need to explore the area in depth and learn about the neighborhood.
When evaluating a potential retirement destination, you will need to consider everything from the cost of living and the traffic to the type of housing available and your entertainment and dining options. You can research all these things and more from the security of your short-term rental.