A Guide to Renting and Buying for the Twenty-Something Year Old
There is a time in every twenty-something year olds life that they realize how foolish it is to continue rent an apartment. This is a startling revelation and often times this occurs after you have settled into Boston, started to make some headway in your career and perhaps have found a significant other (in my case, that’s my 130 lb. Labrador-Boxer). After talking with my friends, it seems that many young professionals are dissuaded from the idea of investing in property because they believe the process is more complicated than signing a lease to rent. I am here to refute that because one can observe several similarities between renting and buying.
The preliminary step in the process is to see if you are qualified, whether it is to rent or buy. If you do not have a source of income, you need to reconsider why you are even looking to move. Qualification is fairly the same criteria between renting and buying except with sales, a lender verifies your employment and credit score to determine the amount to lend you. Whereas in renting, the real estate professional or landlord will qualify you to ensure that you are capable to afford an apartment for rent.
The next step to finding a home (renting or buying) is to find a real estate professional who will listen and understand your desires for your home — this is location, number of bedrooms, amenities, etc. Once you have decided on a home, you need to apply for it. In rentals, you fill out an application and write a check for the startup costs (first month’s rent, deposit). Similarly in buying, you fill out an offer to purchase and write a check for a deposit.
If accepted in either scenario, you will then sign documents supporting the agreement in your real estate transaction. As you may know in rentals, you need to sign the lease, which details your obligation as well as the landlord’s. In sales, this will be the purchase and sale agreement which your agent will be sure to explain to you in great detail just like the lease.
The process for purchasing a home is longer, not harder. Having a good real estate agent is very important because in today’s real estate market, you may submit a couple ‘offers to purchase’ before one is accepted (just like you may submit several applications to rent!).
So alas, once you have you mid-youthful adult epiphany, please remember that there are many similarities between the two real estate transactions. Here at First Choice Realty, our agents are trained in both rentals and sales because we strive to build relationships to overcome this transition – to help you with all your real estate endeavors. Why use a different agent? We want to rent you your last apartment and then assist you to buy your first home!
To contact one of our real estate professionals to help you with your home buying and renting needs, please call First Choice Realty at (617) 734-8200 or email us at firstname.lastname@example.org.
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