Local Records Office has been assisting renters to make the exciting transition to become new homeowners, and they can help anyone. For years, first-time homeowners were a declining group. But due to the COVID-19 pandemic and the economy, more people want to become first-time homebuyers. Millennials have been a large percentage of new mortgages, according to reports the median age is 32. 

Although age has been and in some cases still is a baseline of whether to rent an apartment or buy a house, it shouldn’t be the only factor that should go into consideration. Just like other things, there are pros and cons to renting and buying. 

The toughest decision families have is taking the first step to becoming a homeowner. Along with a numerous list of questions people also have a long to-do list. There are lists of factors that take place that renters have to check off to see if they qualify to be a homeowner. A good credit score, the right amount of money for the down payment, are only a few things that can take months and even years to accomplish. 

The Local Records Office in Los Angeles, California created a list of the pros and cons where renters can decide if renting or owning fits best. 

The Pros of Being an Apartment Renter 

No long-term commitment – Apartment renters don’t have the obligation to be in long-term commitments. Renters can be month-to-month tenants and can leave with a 30 days notice. Another option can be a 12-month lease, these leases are usually for families that want to stay longer but still have the option to renew a lease at the end of the year. Either option would be considered short-term compared to owning a house, which is obviously a longer commitment. If a homeowner thinks he or she will move because of school, job, or aren’t too sure of the area, he or she probably needs the ability to move and go. If that’s the case renting is the better choice. 

Smaller financial commitment – In some cases, the rent can be cheaper than a mortgage. The downside of this is that the lower the mortgage the longer it will have to be paid. A renter will need a number of things to buy a house, like homeowners’ insurance, property taxes, if the down payment was lower than 20% private mortgage insurance (PMI) is required. When someone is renting the only things that need to be paid are rent, utilities, and in some cases homeowners insurance. 

No maintenance and repairs – One of the best things about renting is that maintenance and repairs are paid for by the landlord. When something breaks and or needs to be fixed all the renter needs to do is call or submit a maintenance request form to the management company. 

More money in the pocket – When one compares paying rent to pay a mortgage the mortgage payment will almost be higher. This money can be used to invest in various things to make more money. 

The Cons of Renting an Apartment 

Lack of stability – A lease is a contract between the tenant and the landlord. It defines the necessary requirements for the tenant to rent the unit and acknowledges the responsibilities stated by the landlord.  The landlord can choose to not renew the lease once it comes to an end, even if the tenant has paid rent on time every month. Sometimes landlord wants to renew the unit to charge more every month. Other times the landlord wants to get rid of the apartment and sell it. Moving is a hassle and expensive. 

Rising costs – Tenants who are in a month-to-month unit have a lot to lose. Since there isn’t a lease or a contract stating the monthly rent the landlord can hike up the rent at any time. On the other hand, if the homeowner has a fixed mortgage, the monthly mortgage stays the same. 

A renter will never own it – Not a lot of people focus on owning an apartment before becoming homeowners. So, if the apartment is someone else’s there is little one can do to change that. He or she will usually need written permission from the landlord to make any sort of changes, even to paint a wall. 

Rules – When signing a lease there will be rules like no loud music after 9 pm, no smoking, or pets. When a person owns a house the homeowner can do whatever he or she wants. 

The Pros of Owning a House 

Stability – When a person owns a home, one has a sense of stability. The homeowner doesn’t have to worry about eviction, rising rent and, nosey neighbors. 

Good for families – A house is great for families since kids and dogs can run in the backyard. Parents can barbeque in the front yard with music without having a landlord saying anything. 

The Cons of Homeownership 

A large amount of money – When a person purchases a house, he or she is putting a large amount of money into that house, cash that could be sued for other things. 

The house can turn out to be a dud – Typically, houses tend to increase in value over time. But it’s not like that all the time. If one purchased the home at the top of the market, the home will decrease in value. Or the surrounding area might take a downturn causing the home to lose its value. When major stores like Wal-Mart and Target move out of the neighborhood they take jobs with them causing a domino effect. 

Maintenance and repairs – When owning a house, he or she can’t call the landlord to make the repairs, the homeowner will need to figure out who needs to be called and, have them fix and on top of that pay them too. When the repair company sends out someone as an emergency repair the bill is going to double. 

Can’t move as easily – If a sudden move needs to be done due to a job or school it isn’t like moving from an apartment. Buying a home is a bit more permanent. Other reasons people tend to move are because loud cars, barking dogs, and bad traffic due to nightclubs or bars. 

How the Local Records Office Prepares Renters for Homeownership 

After going through the pros and cons and the pros outweigh the cons and still want to become a homeowner this is where the ‘Local Records Office’ comes in. The Local Records Office is located in Los Angeles, California but works with clients all across the United States online and remotely. This company provides clients with historical records and property profile reports. These reports and records help renters determine if the house they want to buy is the right house. Comparing the history of the house and how it’s been changing over time does this. This information will let the potential buyer know if the home is decreasing in value due, the population is decreasing, or if crime rates have gone up. 

Local Records Office helps renters know if the house they’ve been looking at is the right one. A copy of the deed is also provided to see if the seller is the same one selling the house. Due to fraud and identity theft, this is a great tool to have. The COVID-19 pandemic has brought a lot of fraud along with it. Homeowners are being robbed from their homes right under their feet due to fraud. People are stealing identities to get PPP loans and selling homes that are not theirs.

Media Contact
Company Name: Local Records Office
Contact Person: Roberto Romero
Email: Send Email
Phone: 1 (800) 790-0721
Address:2202 S. Figueroa St. #406
City: Los Angeles
State: CA 90007
Country: United States
Website: https://localrecordsoffice.com/