The main question is if the rental price is less than the mortgage. I just recently experienced that a few months back when I was started looking for a house. The cost to rent it monthly was in some cases 3-400$ more than what the bank would have offered me for a mortgage. So my options were between trying to get a loan to get a house via mortgage and have something of value at the end of my loan. Or rent for equal or more expensive, get zero value back and have to deal with a middle man for every thing that ever goes wrong with the house fight that person every length of the way for any changes to the house. I think it’s obvious what my choice is going to be.
I’m thankfully in one of the better cases though, my family in Florida tells me about how it’s getting to the point where you can’t buy property there anymore, it’s all been purchased by people/buisness for use as Airbnb or rent out has a dedicated residence, which makes it extremely difficult for any of their kids to go out on their own because anything that’s decent has been taken and anything that remains is areas you would not want to live in. Their HOA is in the process of banning the practice thankfully but it’s apperently an issue.
Firmly believe that housing should be a “is this your primary residence? If not are you there at least once every 6 months?” and if you can’t answer yes to either of those questions it should be forced to be sold on the market. Remove the damn middleman from the equations.
The main question is if the rental price is less than the mortgage. I just recently experienced that a few months back when I was started looking for a house. The cost to rent it monthly was in some cases 3-400$ more than what the bank would have offered me for a mortgage. So my options were between trying to get a loan to get a house via mortgage and have something of value at the end of my loan. Or rent for equal or more expensive, get zero value back and have to deal with a middle man for every thing that ever goes wrong with the house fight that person every length of the way for any changes to the house. I think it’s obvious what my choice is going to be.
I’m thankfully in one of the better cases though, my family in Florida tells me about how it’s getting to the point where you can’t buy property there anymore, it’s all been purchased by people/buisness for use as Airbnb or rent out has a dedicated residence, which makes it extremely difficult for any of their kids to go out on their own because anything that’s decent has been taken and anything that remains is areas you would not want to live in. Their HOA is in the process of banning the practice thankfully but it’s apperently an issue.
Firmly believe that housing should be a “is this your primary residence? If not are you there at least once every 6 months?” and if you can’t answer yes to either of those questions it should be forced to be sold on the market. Remove the damn middleman from the equations.
Businesses shouldn’t need to be run out of your home, but other than that yes I agree.