Should You Rent or Buy in a Managed Community?
Renting: the Good and the Bad
Renting in a managed community comes with many upsides. One of the biggest advantages is that you don’t need to spend a large amount up front. With an affordable deposit, you can move into a well-designed community that comes with a lot of amenities and facilities, and enjoy managed community living without making a long-term commitment, or seeking financing. A good reason to rent a house in a managed community, instead of buying one, is that the paperwork is likely to be lighter - so, if you want to find a great place at short notice, renting might be the best option for you.
Renting a house in a managed community also means that you’re not the only person responsible for upkeep in the place you live. Large repairs may be handled by the owner of your home, and managed communities come with a maintenance fee that means amenities around your home are maintained by specialist staff. Finally, when you rent a house, you don’t have to worry about financing a purchase, and can avoid taking on debt or suffering from falling home values.
Renting can come with a few downsides, however. Depending on your agreement, your rent may be subject to changes after a year or two, and you might find it helpful to ask and get a clear idea of your landlords’ intentions for the property – whether they’re planning to sell the property soon, or if they’re in it for the long haul.
Buying in a managed community
Home owners have many distinct advantages over renters. For one thing, buying a home in a managed community helps build your equity and credit, and can bring stability, and help you to feel like a permanent part of a community. Particularly if you have children, this can be a huge bonus, meaning that your children can enjoy a more consistent life, with fewer major changes.
When you buy a home in a managed community, you can also alter it to suit your preferences and tastes. That’s a luxury that most renters don’t get. And if you need to move, and you can keep ownership of your home in a managed community, you could make a bit of rental income on the side.
On the other hand, buying any home involves significant financial commitment, and you are responsible for all repairs to the home itself.
The decision to buy or rent in a managed community ultimately depends on a range of factors like your short-term and long-term financial goals, and what your needs are. But managed communities offer great options whether you want to rent or buy, and if you’re interested in exploring your options, we’re happy to help – you can get in touch with us directly by using the information on the website.