The Home Front
When the Economy Hits Home
Moving from homeowner to home renter
Renting is the new homeownership. Since the economic downturn of 2008, more people are deciding to forego owning their own homes in favor of renting a property. Several factors have contributed to this move toward a rental lifestyle. Renting provides the benefits of housing without the hassles of home ownership. If a dishwasher breaks or the basement is leaking water, it’s the landlord’s responsibility to repair. Securing a rental contract can be quicker than securing a mortgage and breaking a lease typically involves less risk than selling a home under duress, such as a short sale or at a loss. Although our area remains strong for home sales, the uncertain nature of the economy can make plunging into a property purchase nerve-wracking at …
Tamara Inzunza
9:34 pm on Friday, September 9, 2011
Joanna - I work with a lot of first-time buyers, and usually they are amazed at the alternatives to a 20% down payment. Many people are not in the market because they believe that a 20% down payment is the only way to purchase. Years ago 20% was the only way, but programs like FHA, VHDA, City of Housing programs, and VA loans make it possible for buyers to own without the 20% down. more ›