5 Perks of Renting: Why Renting Is Often the Better Choice
“Rental properties”, “Houses for Rent” and “Apartments” are some of the most common online search words. Open the classifieds to any local paper, and you’re bound to see multiple listings on apartments for rent and rental properties. Millions of Americans today choose to lease a rental property, either temporarily or for several years. Renting offers many benefits over purchasing a home. In some cases renting is the better financial choice. Here are five perks of renting.
Perk of Renting #1: You’re not responsible for home repair bills.
Whether you call it Murphy’s law or just plain reality, homes will need repairs from time to time. Shortly after graduating from college, I chose to rent a small rental property in Lubbock, TX with two other college friends. A few weeks after moving into our new home, our toilet went kaput. The bill was several hundred dollars, which was covered by our landlord. Had I owned the home, the cost would have come from my own pocket. Therefore, one perk of choosing a rental property is you will not have to pay for the necessary home repairs. Whether the air conditioner takes it last breath, or a pipe bursts, you will not be stuck with any outrageous repair costs.
Perk of Renting #2: You’re not responsible for homeowner’s insurance, property taxes, and PMI insurance.
Renters are not liable for additional costs of owning a home such as homeowner’s insurance. These other expenses add up quickly. It could mean that it is cheaper to rent a similar home than to buy. This is especially true if you do not plan to live in the area for a long time.
Sure, the key benefit of owning your home is that you gain equity. However, in some situations, the amount of equity you gain in a home might be significantly less than the money you would save by renting. If you put the money that you would save by renting into a savings account, it might be larger than the equity you would gain in your own home. When you moved, you would have more money in the savings account, than you would’ve had in home equity.
Take a peek at the AOL Real Estate Mortgage calculator. Let’s say you choose to buy a $175,000 home. You are able to put 20% down, $35,000, enough to avoid having to pay PMI insurance. Suppose you get a 30 year mortgage at 6% interest. Your mortgage, not including escrow (insurance and property taxes) would be $839.37. Including homeowner’s insurance and property taxes, your mortgage would be about $1300/month, depending on where you lived. If you rent a similar dwelling for just $200 less than the mortgage ($1100/month), and put the difference into savings, you would be better off renting if you plan to live there for less than 5 years. Remember you would not have to pay for home repairs when living in a rental property.
Perk of Renting #3: You don’t have to pay a Realtor’s commission fee when you move from the home.
If you buy a home, and then decide to move and sell it, you will have to pay multiple fees just to sell the home. The biggest is the Realtor’s commission, which is often about 6%. For a $175,000 home, that would be $10,500. For an $80,000 home, that would be $4,800. If you plan to move eventually, keep this in mind when choosing between a rental property and a home purchase.
Perk of Renting #4: You don’t have to worry about the home losing value.
While the value of homes can increase, they can also decrease as well. When an owner chooses to move and sell the property, he/she could possibly lose some of the equity and down payment. This is one less thing to worry about should you choose to lease a rental property.
Perk of Renting #5: Renting might provide a nicer environment.
This one is especially true for recent college graduates and singles under the age of 30. The environment and life in an apartment complex might be more suitable than the life of a home you can afford. You might have a pool, club house, free lawn care and the ability to meet people your age. The overall structure of the rental property could be nicer than any house you could afford to buy. And, who knows, perhaps you’ll find the love your life just two apartments down.
These are just five basic perks for renting.� Buying a home might be the best choice for some, but renting offers many benefits as well.� For more information on renting a home, be sure to check out the renting section of AOL Real Estate.
Filed under: Community, In the news | Tags: Arizona, Luxury Leasing, PCA, Phoenix, positive coaching alliance, t.w. lewis
Filed under: Community, In the news | Tags: #jobs, #statefarm, Arizona, Economy
State Farm to build Tempe regional headquarters, bring thousands of new jobs
Illinois-based State Farm Insurance is planning to build a massive regional headquarters along Tempe Town Lake that is slated to bring thousands of new jobs to Arizona.
I have spoken to multiple sources who confirmed this but wanted to remain anonymous. These sources told me that State Farm will build a roughly 1 million-square-foot campus on an approximately 18-acre site that would eventually house about 5,000 to 7,000 employees.
The project, sources say, is being eyed for the west side of Rural Road along Rio Salado Parkway just east of the $50 million luxury apartment project being planned by San Diego-based developer Oliver McMillan, which is next to the existing Hayden Ferry Lakeside development.
About 10.6 acres of the prospective land is owned by Scottsdale-based Sunbelt Holdings Inc. and the remaining acreage, which Sunbelt also has an option to buy, is owned by the Arizona Board of Regents, the governing body of the state’s three public universities: Arizona State University, Northern Arizona University and University of Arizona.
Sources told me the State Farm campus would entail about four or five office buildings, plus parking accommodations, and Ryan Cos. has been picked as the builder.
There was no information available as to how much the project would cost or when it would be built, but sources say all parties involved want to “move fast.”
Phoenix is one of three markets — the others being Atlanta and Dallas — where State Farm is looking to expand its presence. It has already set the stage in Dallas by signing a lease for 1.5 million square feet before the end of last year, which, according to an article by the Dallas Business Journal, a sister publication, was the largest office lease recorded in that city’s history.
For Phoenix, this would be the biggest new office building to be delivered to the market since the Great Recession put office construction at a standstill. It is especially encouraging for Tempe considering its loss of a major corporate headquarters with the mega-merger of US Airways Group Inc. and American Airlines. The new American Airlines will be based in Fort Worth, Texas.
Filed under: In the news, Leasing | Tags: #longterm, #renting, #stability, Economy
The Advantages Of Seeking Out Long-Term Rentals
Long-term rentals provide a solution for individuals or families who need to stay in an area for several weeks or months without committing to the terms of a much longer and more restrictive lease. The units that are rented could be for a very long vacation, for work or for temporary housing while exploring a new city. Everything about a long-term rental is designed to making living in an area easy and comfortable. People who are living in a long-term rental will experience several benefits over other types of housing.
Stability
A long-term rental provides stability for anyone who is visiting or moving to a new area. Short-term rentals and hotels often attempt to book as many rooms as possible very far in advance. This means that it might not be possible to continue renting a room on a daily or weekly basis if the room has been reserved for another person. This situation could leave a family in an awkward position in the middle of city that is unfamiliar. A long-term rental can be secured for the exact amount of time that is required. The lease or agreement that is signed can be extended as needed in most cases if enough advanced notice is given to the management company.
Cost
A long-term rental is a much more cost-effective form of housing than most other options that are available. Individual hotel rooms that are rented for a long time are very expensive. A long-term rental is much cheaper and is usually within the normal price range for a home or apartment of the same size. Additionally, a long-term rental usually provides a much larger amount of space for residents when compared to a smaller utilitarian motel room. Most long-term units are also fully equipped with appliances and other items that make it possible to live normally without having to sacrifice the conveniences of home.
Flexibility
Long-term rentals are flexible in addition to being very stable. Moving to a new city or exploring an area during a vacation is much easier when a family or individual is able to change locations without a hassle. Property management companies that specialize in long-term rentals often have a number of different units available in a variety of locations. This means that a family could plan to stay for weeks or months in one location and then move to another home or apartment when the rental period ends. This is not normally possible with other more restrictive leases that create a large hassle at the end of the rental period.
Amenities
Long-term rentals are intended to be as comfortable and convenient as possible. This often means that a rental unit will include amenities that are not present in other more traditional types of housing. A number of the houses and apartments that are available are furnished so that there is no need to buy or move furniture into a new area. Maintenance is taken care of by the property management company. Some buildings might even have pools or exceptional views outside of the windows. The amenities that are available are different for every location but could make staying in a particular building or apartment much more enjoyable.
http://www.agentright.com/CA/blog-and-articles/the-advantages-of-seeking-out-long-term-rentals/
Filed under: Community, In the news | Tags: #positivecoachingalliance, #twlewis #phoenix
Filed under: In the news | Tags: Economy, Homes, Housing, Information, Luxury Leasing, Tips
8 Reason Why Renting is Better Than Owning a Home
by YOURFINANCESSIMPLIFIED on FEBRUARY 10, 2012 · 28 COMMENTS
There’s always that natural agog when we come across people who have decided not to buy a home and just go ahead and rent for the rest of their lives. Renting only seems like a good idea for those who are still starting out, but eventually plan to get a house, but is this really the case? It might be surprising to find out the many advantages to renting, and it’s not all about throwing good money down the drain.
The Advantages To Renting
- Fancier Living
That’s right, when we rent instead of buy, we get to enjoy living in a better neighborhood, a more luxurious condominium, and a pad right beside your workplace which otherwise would not be financially possible or practical if you decide to buy.
- Water and Heating Included
Aside from paying less in rent as compared to a home mortgage, you can also rack up on savings since there are some apartments who already include water and heating in the package. You can not only save money on the extra bills, but you can also save time and hassle with having to pay them off.
- No Maintenance Issues
This is probably one of the best benefits that renting has to offer. No maintenance! It can actually come as a shock for newbie home owners when the cost of maintenance finally sets in. First of all, there’s that lawn that needs mowing, the termites that need to be eliminated, the plumbing that needs to be fixed, plus in a few years the house will need repainting, and who would forget the accidental damage your kids caused on your glass windows. When you rent, all you need to do is dial your landlord’s number and complain about the leak, and voila, you’ve got a handy man at your beck and call. Aside from saving on maintenance expenses, you can also save yourself the effort of havng to fix things yourself.
- More Predictable Budget
There are a lot of hidden costs when it comes to owning a home. You don’t know when the large repairs will suddenly suck your budget. Renting makes budgeting easier because you already know just how much you will need to shell out per month. No matter how many repairs are needed, you still end up paying the same amount as you used to.
- Perks and Amenities
There are a lot of apartments that come with community pools and gyms. This is especially great for those who love swimming and working out. If you own a home, there’s a very little chance you’d have an Olympic sized pool, not only is it a pain to maintain, but there’s hardly any space for it in your yard. Also, think about the money you’d save on gym memberships!
- No Property Taxes
There are some areas where property taxes can amount to as high as $8,000-$14,000, which would equate to roughly $800-$1,000 a month! This can come as quite a shock for those new home buyers who aren’t tax savvy, and only realize the extra cost when the bills come pouring in. Renting will help you avoid surprise expenses such as this.
- Moving is Easier
When it’s time to change location, renting makes moving so much easier. There are a lot of factors that could cause a person to move, such as a change in job assignment location. Other issues include having a bad neighbor, or a bad landlord. As soon as your contract expires, you can go ahead and pack your bags. With having a home on the other hand, this can be a more difficult process.
- More Affordable
Because of the way the economy is doing and the lack of jobs, most people are quite frankly, struggling financially. Renting makes it a lot more affordable to live in a suitable place, and whether or not it’s “money down the drain”, renters don’t spend nearly as much as home owners. Also, renters don’t face the dreaded issue of owning a home that’s worth less than their mortgage. With the bursting of the housing bubble affecting so many home owners, renters can merely shrug the issue off.
Aside from all these advantages, renting a home can also give young professionals time to think about where they really want to settle, and how much they can afford to spend on a home mortgage when the right time comes. Renting provides an avenue to stretch your budget, while saving the rest of your money for future investments, or perhaps for a down payment on a house that you will be more likely to afford in the future.
http://brokeprofessionals.com/2012/02/10/8-reason-why-renting-is-better-than-owning-a-home/
Filed under: In the news | Tags: Arizona, jim younger, t.w. lewis, Tom Lewis, wall of fame
Jim Younger
Date added:December 31, 2012
Submission Type:Professional Recognition
Current employer:Younger Brothers
Current title/position:Owner and President
Industry:Residential Real Estate
Position level:President
Reason for being recognized:T.W. Lewis Company, an Arizona-based homebuilding company, has awarded its highest honor to to Jim Jim Younger of Younger Brothers. T.W. Lewis Founder and CEO Tom Lewis presented the “Wall of Fame” award to Younger for a lifetime of contributions to the construction industry. “For over 25 years, Younger Brothers Construction and T.W. Lewis Company have developed a strong partnership that made both companies better,” Lewis said. “Jim Younger’s commitment to his people, and their training and growth, allowed Younger Brothers to grow and expand into several different business lines. We honored him as an innovator, entrepreneur, and value-based leader.”
http://www.bizjournals.com/phoenix/potmsearch/detail/submission/1325521/Jim_Younger
Filed under: In the news | Tags: Arizona, jim sharp, Luxury Leasing, sharp drywall, t.w. lewis, Tom Lewis, wall of fame
Jim Sharp
Date added: December 31, 2012
Submission Type: Professional Recognition
Current employer: Sharp Drywall
Current title/position: Owner and President
Industry: Residential Real Estate
Position level: President
Reason for being recognized: T.W. Lewis Company, an Arizona-based homebuilding company, has awarded its highest honor to to Jim Sharp, owner and president of Sharp Drywall. T.W. Lewis Founder and CEO Tom Lewis presented the “Wall of Fame” award to Sharp for a lifetime of contributions to the construction industry. “Jim’s integrity always came first as he stood for honesty, fairness and continual improvement. Since 1992, T.W. Lewis homes have been built with better quality because of Jim Sharp,” Lewis said. “We honored Jim for his overall contributions to the homebuilding industry, his integrity and his spirit of partnership.”
http://www.bizjournals.com/phoenix/potmsearch/detail/submission/1325471/Jim_Sharp
Filed under: In the news | Tags: Arizona, arizona state university, scholarship, t.w. lewis, t.w. lewis foundation, university of arizona
Deadline for applications is Feb. 1, 2013
HIGH SCHOOL SCHOLARSHIPS
T.W. Lewis Foundation has announced it is accepting applications for its 12th annual scholarship program. Every spring, 10 Valley high school seniors are awarded $20,000 scholarships from the T.W. Lewis Foundation based on demonstrated leadership potential, personal character, academic achievement, and financial need. Scholarships for 2013 will awarded to recipients to attend the Honors College at either Arizona State University (ASU) or University of Arizona (UA).
Established in 2000, T.W. Lewis Foundation was formed to help focus T.W. Lewis Company’s charitable work, and to serve as a funding source for those activities. The purpose of the T.W. Lewis Foundation is to provide educational opportunities and improve the quality of life for children and families in need. T.W. Lewis Company is an Arizona-based real estate company.
Criteria for the scholarship awards include the following:
1. Leadership Potential
2. Personal Character
3. Academic Achievement
4. Financial Need
Ten recipients will receive $20,000 ($5,000 per year) in financial aid for four years at either Arizona State University’s Barrett Honors College or University of Arizona’s Honor College, subject to minimum academic requirements. Deadline for applications is Feb. 1, 2013.
“When my wife Jan and I decided to form the T.W. Lewis Foundation, we selected education as one of our primary values,” said Tom Lewis, founder, owner and CEO of T.W. Lewis Company. “We believe that deserving, high-achieving high school students in the Valley should be rewarded with the opportunity to pursue higher education.”
Open the Front Door to T.W. Lewis Foundation Scholarship Program.
http://frontdoorsnews.com/news-bits/2013/1/24/high-school-scholarships.html
Filed under: In the news | Tags: Homes, Housing, innovative, luxury homes, Luxury Leasing
The world’s 18 strangest homes
By Chris Sweeney of Popular Mechanics
Here’s a look at some innovative, bizarre and one-of-a-kind homes and what makes them stand out.
T.W. Lewis Luxury Leasing 