Risk of Having To Move Out While Renting
Financial Management

Risk of Having To Move Out While Renting

This got me thinking today as a person I know apparently has to move as the property owner has decided that they will be using the property again. You can imagine the stress that would induce on a lot of people where you only have a few months to find a place at a suitable price and then having to relocate all your belongings. I had a conversation with the person awhile ago where he was discussing various financial issues and one suggestion was to find cheaper rent. However, he was comfortable despite how much he would save. Now that he is forced to move and being more desperate in having to find a new place, it makes you wonder where if you are renting a place to live in should you never truly get too comfortable there as if you owned the place?

For example, if you find a place that saves you thousands of dollars a year would it make more to sense to move if you can while using those savings to save up and buy your own place? The topic of him getting a mortgage was also brought up before where if you can afford the monthly payments I felt it would make more sense to live in a place you actually owned. However, again he just felt like he could stay there for as long as he just kept paying the rent.

You can never get too comfortable with properties or items you don’t actually own. Imagine if he had a family too where having to move unexpectedly with potential changes in schools too as an example would be hectic. Granted relocation is a possibility in any scenario, at least if you owned your property you have flexibility to determine when you would need to leave and sell it.

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