Who is currently renting a property that they live in? We've all done it at some point in our lives, myself included. As a Realtor I'm typically working with buyers and sellers helping them buy and sell residential properties. To say I've turned a blind eye on the rental market would be an understatement. This past weekend I had the opportunity to visit some local apartment rentals in the Charlotte area and was completely awakened from my ignorance.
After visiting 3 different properties I seemed to notice a trend among these rentals. All these units were basic 2 bedroom, 2 bath, with around 1,100 square feet of living space. Nothing special no granite counter tops, stainless steel appliances, or fancy upgrades. Most of these apartments were small and dated. To my surprise the average apartment was renting for $1,200.00 a month! So my initial question was "why in the hell are people paying market rent that is equivalent to almost a $200,000.00 home?" Say you lived in that same 2 bedroom apartment for two years and for some reason you were lucky enough to not have your rent raised. After 24 months you would have paid $28,800 for your apartment!
These aren't luxury apartments in uptown with skyline views. These are regular basic apartments that average people are living in. How can anyone afford to pay so much for so little? You're not gaining equity, tax incentives, or even have room to park more than two vehicles. All that money is going directly into the landlord's pockets!
So that would lead me to my second question; Why are people still renting? Most people would say because my credit is bad or I don't have enough money to buy a house. News flash your credit wasn't bad enough for you to qualify for your rental and you don't have to rob a bank to purchase a home. I've seen mortgage approvals from scores 620 and up! Your score is not the only determining factor in getting approved for a home loan. You have to start somewhere! Even if it does take some time to get your finances/credit in order look at all the money you will save owning your own home.
With that being said I am always here to help make your dream of owning a home a reality. No matter how bad your situation is, or how unqualified you think you may be. My first time home buyers work shop is a virtual workshop designed to educate and encourage you along the way. I'm not here just to teach you how to get into a home, but how to maintain your investment. Without judgement, pressure, or cost I offer this opportunity to anyone who is interested. Feel free to contact me for your free personal plan of action.
Author:Darien Swain Phone: 828-291-4412 Dated: September 6th 2017 Views: 240 About Darien: Hello, I'm Darien Van Swain from Concord NC. I'm an experienced Real Estate Broker serving amazing c...
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