final (and not inconsequential) benefit of owning your own home
is that you don't have to subject yourself to the whims of a landlord.
Much is made among real estate investors of the challenges of finding
good tenants. When you're a tenant, perhaps you've already discovered
that finding a good landlord isn't easy, either.
fundamental problem with some landlords is that they are slow to
fix problems and make improvements. The best (and smartest) landlords
realize that being responsive and keeping the building ship-shape
help attract and keep good tenants and maximize rents and profits.
But to some landlords maximizing profits means being stingy with
repairs and improvements.
you own your home, the good news is that you're generally in control
-- you can get your stopped-up toilet fixed or your walls painted
whenever and however you like. No more hassling with unresponsive,
obnoxious landlords. The bad news is that you're responsible for
paying for and ensuring completion of the work. Even if you hire
someone else to do it, you still must find competent contractors
and oversee their work, neither of which is an easy responsibility.
risk of renting is that landlords may decide to sell the building
and put you out on the street. You should ask your prospective landlords
whether they have plans to sell. Some landlords won't give you a
truthful answer, but the question is worth asking, if this issue
is a concern to you.
To Buyer Services