If you are among those transitioning from homeownership to renting, there are a number of things to keep in mind. Do your research first, making sure to visit the property as well as check out online reviews. Evaluate the amenities in the context of what you can afford. From a financial standpoint, be prepared for tax changes (no more mortgage interest deduction), and make sure to update your monthly budget. When moving to an apartment, you’ll almost certainly have to purge yourself of many belongings that fill up your house. On the other hand, you’ll spend less time on maintenance tasks, such as mowing the lawn. The transition from house to apartment may seem daunting, but it is manageable if you are properly prepared.
- Many homeowners have chosen the option of being without a mortgage and have chosen the lifestyle of a renter because they want to downsize.
- According to a Pew Research Center survey that was carried out in 2016 many homeowners say that they have chosen to rent as a matter of choice.
- Before a homeowner will sign a lease to rent a place or an apartment, it is wise that he does adequate research of the space and the neighborhood.
“Here are some things to keep in mind if you’re thinking of transitioning from homeowner to renter.”