Should you rent or buy? People are passionate about this subject, fighting for one side of the argument like the alternative is complete garbage.
At Lykens Companies, we have a more nuanced view of property. As owners of thousands of units, we know that buying property is a great investment and can lead people toward greater financial freedom.
On the other hand, property ownership has its headaches. Between the financial commitment, maintenance issues, and shifting housing markets, there can be a lot to worry about.
But does that mean that there’s a clear winner? Should you only ever rent? Should you always look to buy? We’re not here to tell you that one way or another; however, we do want to give our opinion on why 2019 looks like a good year to rent. Here are our three reasons we think you should rent in 2019.
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1. Waiting for the Right Home
This first bit of advice has to do with the 2019 market specifically. With it being so early in the year, it’s hard to tell how the housing market will shape up. Is a buyer’s market on the way? Will interest rates increase? Sometimes, it’s best to wait and see.
Chances are, you’ll buy a home eventually, but just like a marriage, it isn’t something you want to just jump right into. In fact, we find this silly analogy pretty helpful.
Dating is just like renting. You’re able to discover the things you love in a low-commitment setting. Often, we go into house hunting with a set of assumptions about our own desires that turns out to be untrue. For instance, we’ve met many people who “need” a great kitchen in their house, but it turns out they never cook! In retrospect, those same people end up wishing they’d looked for other qualities of a home more than the ones they thought.
You don’t get married without knowing what you love in someone else. In the same way, don’t buy a home unless you really know what qualities you’d like to prioritize. We find renting helpful because it lets people learn exactly what they want when they commit to buying, or “marrying,” their first home.
Don’t let up-and-down mortgage rates pressure you into feeling rushed into purchasing a home you aren’t sure about. Instead, have patience and wait for the right home at the right moment. After all, you’ll be the one living in it.
2. Save, Save, Save
Along with the last piece of advice, it rarely makes sense to move into and commit to a home you aren’t in love with; however, many people end up doing just that because they can’t quite afford the down payment on the home they love. It’s true: buyers need to be ready to buy at the drop of a hat, but why do it when the home isn’t right?
Trust us. You’ll know when you find the right home.
Renting allows you to save up for the perfect investment. Budget to rent in a savings-friendly way. In other words, don’t feel like you have to max out your renting budget if you’re looking to buy a home.
Instead, enjoying renting a beautiful property that meets your needs and allows you to save money while you’re at it. How much could you save in just the time of one lease?
Plus, there are other savings elements with rentals. Some offer a free utility (we’ve all seen the signs with “FREE HEATING,” right?). Still, nearly 100% of rental properties cover the entire cost of almost all maintenance issues. As soon as you buy a house, you’re also buying the responsibility to fund or fix all the repair issues you come up against (and it will be more than you think).
That savings opportunity alone can mean thousands of dollars into your pocket a year. Who wouldn’t want to take advantage of that? Especially when you have a great maintenance team like the one at Lykens Companies.
3. Enjoy New Properties!
With the United States needing an estimated 4.6M new apartments by 2030, you can bet that real estate developers will keep building new and jaw-dropping apartments wherever you are.
At Lykens Companies, we’re on the forefront of solving the apartment need in Columbus, Ohio. It’s one reason that Lykens Companies was featured on NBC National News. Our list of new projects is being added to each day and we’ve just finished a few stellar buildings with more on the way.
Have you heard about 180 Detroit Avenue? We’ve saved an eroding warehouse from destruction by reviving it to hold 20 completely unique lofts.
What about the four townhomes we build across the street? These units are some of our biggest and, of course, are filled to the brim with luxury materials.
And then there’s Fourth Crossing. The 36-unit brand-new building that should be finished this spring. We’re thrilled to see what these units become.
What’s right for you?
We’ve said our piece. Renting has its own major advantages, but at the end of the day, you’ll be the one living with your decision (pun intended).
Finally, a little bit about Lykens Companies…
With 20 years (and counting) of experience, we believe that Lykens Companies is just getting started on its mission to offer Columbus hundreds of premier apartments, rentals, and renovations. Each day, we are driving toward constantly expanding and improving our business and bettering Columbus, the city we love. For our renters, that means that they are connected to a proven business that is always striving to be the best. Our success isn’t an accident. We are constantly striving to improve our quality, both in the buildings that we renovate, reimagine, and rent out; moreover, we are striving to improve in the way that our business operates. For you, that means the best units and the best service in the best locations.
As we invest our time, money, and energy into the Short North, Victorian Village, Italian Village, and other parts of Columbus’s urban core, it’s nothing short of amazing to step back and see how much we’re able to impact our city, whether that looks like renovating apartments, houses, or even factories like the Wonder Bread Lofts and the forthcoming Budd Dairy project: a full scale reimagining of an old dairy factory into a Cameron Mitchell food hall and state-of-the-art coworking space.
If you’re looking to rent in Columbus, Ohio’s urban core, you’ve come to the right place. We’re confident that it doesn’t get better than us when it comes to finding the absolute best apartments and rentals in Columbus.
See every availability!
Whether you’re looking for an apartment in the Short North, a rental in Victorian Village, a studio in Italian Village, or a loft in Wonder Bread, our Available Rentals page will feature all that (and more). We’re constantly adding our newest properties and highlighting that month’s leasing specials. Bookmark it and check often! What if you took two minutes to browse it right now? And don’t forget about our awesome Instagram for updates, new leases, and beautiful photos.
Already a resident? Refer a friend!
At Lykens Companies, we offer a simple and easy referral program to our tenants (and even non-tenants). For each referral of yours who signs a lease, we’ll pay you $200! Be sure to learn everything about this awesome plan and even check out our three methods to actually get your friends to sign a lease.