If you're renting right now, you're living in temporary housing. Unless you're suffering from one of the maladies that make landlords so stinkin' rich, it's probably time to take some action toward a lifestyle upgrade.
Some renters have not adequately managed their finances. That is not necessarily a character defect, but it does cause ones lifestyle to suffer a lot. The reasons for this condition are, just like the government, a renter is either not making enough to satisfy their needs, or they're spending too much to get their head above water, or they have long term commitments that prevent them from living a financially normal life.
Lack of sufficient income is difficult, but it is usually temporary if you're intent on improving the situation. What is important is to continue to strive for improvement, either through an internal promotion, job change, or simply by augmenting income with an additional part time activity. The worst method of improving income stream is to wait and hope that things will get better. Do nothing and remain a chronic renter, and another page in your landlord's bank account brag book.
Renters whose expenses are out of control and who feel that booze, drugs, parties and toys are more important than having a permanent home, may need to grow up, and they will remain in temporary housing until then. These are the tenants who keep temporary housing occupied with little effort by the landlord beyond rent collection.
Renters with have high levels of debt from credit cards, car loans, school, etc. need a to develop a plan to remove the anchor that's holding them down. All this stuff is fixable for those who are motivated to get on with their lifestyle appreciation. Some of it can be fixed in a relatively short time, and prioritizing is a key factor in improving your debt profile. If You're in this category, you would absolutely benefit from a consultation with a reputable mortgage loan officer.
The fourth malady that makes landlords rich is fear. Some folks are afraid that they may lose money if they stop guaranteeing that they will lose money by paying Mr. Landlord every month. They sometimes lack the self-confidence that they can actually handle the responsibility of owning a home. Renters often worry about failure to meet the economic commitment of home ownership. When you analyze the situation, that same fear should exist in renting, except that the fear will be there forever. When you own a home, eventually there will be equity buildup that will create some security, and your monthly payment will not increase whenever Mr. Landlord's income needs a little bump up.
Now is the time to start laying the groundwork for a graduation from renting to having your own home. Call or email to arrange a convenient time for my complimentary first time buying strategy session. It's basic training for renters who want to fire their landlord. Call me now.
