Rent If You Need To; Buy If You Can

There’s no doubt  that landlords and rentals play an important role in our society providing housing for those who either prefer not to buy or who can’t afford to buy a home. Being a landlord has great rewards but it also can be risky, especially if there's a mortgage on the property.

During COVID-19, homeowners, landlords and tenants were put in a very precarious position due to poor decisions made by the powers-that-be. For landlords, the eviction moratorium is one of them. Because of this, many tenants had an excuse to stop making their rent payments because at that time, landlords couldn't evict them. At the time, we, ourselves, were landlords and thankfully our tenants had jobs in healthcare, so they continued to pay their rent on time. But other landlords were not so fortunate.  

Case in point: We were witnesses to a situation where the tenant refused to apply for rent relief. In fact, not only did the tenant refuse to pay the rent and apply for free rent, but the tenant destroyed the property. And guess what? The landlords were unable to get the tenant out so their hands were tied. It was an awful situation. 

At that time landlords had no where to turn and no one to turn to. Their mortgage companies didn't want to hear that they couldn't pay the rent. Many landlords had no choice but to sell their properties or let their properties be foreclosed on. Between that and the foreclosures that followed COVID-19 some years later, rental prices sky-rocketed. 

But here's the thing - Even with the high housing prices and higher interest rates, buying real estate is still the best investment there is! And unbeknownst to many, you don’t need 20% down. Grants are available, as are some great loan programs and seller assist though less popular in this market, but not impossible.

If you’re looking for a rental to call home, our listing at 214 Staley Avenue in Collingdale is available. This property was renovated in 2017, is well maintained and clean. Check out the listing information and contact us to get pre-qualified and to schedule a private showing.

If you would prefer to buy a home or investment property, or if you have less than perfect credit, we can help! So, get in touch with us today and we’ll guide you towards homeownership! The sooner you contact us, the less time you'll have to wait.