Finding Salem Oregon Rentals
If you're looking for a house to rent in Salem, Oregon, you have come to the right place. We have set up a site specifically for those looking for Salem Oregon rentals. It's at WillametteValleyRentals.com.
Many wonder what the benefits are between renting vs. buying a home. There are lots of reasons why people rent a home or house instead of buying one. Financial situation, personal preference, and other cicumstances can all impact the decision surrounding owning a house. One thing to keep in mind as you consider which is best for you is owning a house is not ALWAYS the right answer. Sometimes renting is the way to go.
Here are several situations where renting can be preferable:
Your Credit Is Less Than Great
Even with the credit crisis we've seen over the past few years, it's still possible to secure a mortgage without having a perfect credit score. However, lower credit scores typically mean you will have a higher interest rate. Finding a Salem Oregon rental can be a good option until you've had a chance to improve your credit score.
Pending Job Relocation or Job Instability
Will you be needing to relocate to another area for work in the next year to few years? If so, renting a house can be the better option unless you're in a position to maintain your house as a rental when you leave the area. The general rule of thumb is your house needs to appreciate at least 10% in order to cover the expenses you'll incur when it comes time to sell.
Another related scenario is possible job instability. If you have the choice to rent when you may be facing employment problems, it may be best to go that route. The flexibility that comes with renting when you lose your job or face a pay cut can be invaluable to keeping your finances in order during the hardship. You may find you'll have to downgrade your living situation to an apartment, but at lesat it will be an option without impacting your credit negatively.
Cost of Home Repairs and Maintenance
Many head into home ownership from rental situations not realizing the amount of money it can cost to maintain a home. It can be easy to forget that you'll have to shoulder the cost of anything that goes wrong when you're used to everything being taken care of for you in a rental situation. Experts indicate that home maintenance and repairs can take as much as 5% of the purchase price of a house in the first year. If you don't have the additional money to spend on these costs, renting may be the better option for you.
When Renting Costs Less
The last thing to consider is when finding a Salem Oregon rental may be the cost of owning a house may be more than renting one. For instance, if your monthly mortgage payment would be $4,000 a month, when renting a similar property would only cost you $2,000 a month, does owning the property make more sense? It's always a good idea to carefully consider both sides of the equation including tax deductions and repair costs when owning a home compared to the cost of renting a similar place.
If you're looking for Salem Oregon rentals, check out the current list of available properties here: WillametteValleyRentals.com.