We all learn to ride our first bicycles using training wheels. They assist us with keeping the bicycle straight until we learn to balance. Once those training wheels are taken off, we usually don’t put them back on again. Using this concept, once you have owned a home it may seem strange to revert to renting again. Renting is like training wheels for homeownership but special circumstances could warrant returning to the rental market.
A sudden shift in your life like divorce, death of a partner, experiencing empty nester syndrome or even a temporary relocation to another city for work could justify returning to renting even if it is just for a short time.
Let’s say your job has relocated to another city or it’s just you and your partner and you want to move downtown rather than being in the suburbs. Renting can help you experience the change and give you a chance to adapt before making the decision to sell your home or purchase a new one.
Expenses incurred when selling and purchasing a home are usually absorbed over a period of 10 to twelve years as you own the home. If your situation is temporary, say only a year or two, then it may impact your homeowner’s equity in a negative way to sell.
With any move, they are many factors to consider especially if you have to coordinate a sale and then a purchase of a new home. This is where I can help you. With my many years of real estate experience I can give you some advice and even help coordinate your sale or purchase of a Fairfax homes for sale in our area. Contact me today if you need some help!