While people are beginning to buy Gilbert Homes at the highest rate since the market crashed, there are still many choosing to rent instead. As prices of Gilbert Homes continue to rise and mortgage rates go up, people are starting to wonder if renting Gilbert Homes instead of selling or buying might be a better option. Troy Reeves of the Troy Reeves Team has noticed a lot more Gilbert Homes real estate investors who are looking to buy so they can rent out their properties.
Renting Gilbert Homes is Popular
In lieu of buying a house, many people are choosing to rent Gilbert Homes instead. Over 1 million people are renting homes nationwide since the housing crash. Many people are wondering if this is a temporary trend or if this will become a more permanent solution for housing.
Benefits of Renting Gilbert Homes Over Buying
From a renter’s perspective, now is actually a really good time to rent. A recent mortgage loan spike has a lot of people put off at the idea at buying. What could have been bought a month ago at one price now costs more, although the value of homes has not increased — it’s just the rate itself. In addition to just not wanting to pay the extra interest rate, there are still many people hoping to get a higher than asking price amount from their listings and if you’re not sure about buying, renting will save you from having to haggle in a competitive housing climate. Renters also get the luxury of making a minimal investment into the property they live in — when something needs to be repaired, it’s almost always the responsibility of the homeowner to fix it.
Should You Become a Landlord Instead of Selling Gilbert Homes
The first good piece of news when you want to rent out Gilbert Homes instead of selling is that vacancy is actually at an all time low for rental properties across the nation. Rental vacancy continues to decline and the cost of buying a house is on the rise, which means more people will be opting to rent instead of buy. Choosing to rent out your home instead of selling could be a smart long term financial move if you can afford to have two mortgages should your rental sit empty for any amount of time.