I have been looking for a home to rent in Northeast Philly for months, but I have a 50 pound dog, so I am having a hard time finding anyone who will let me rent with my dog. Should I just bite the bullet and buy my own house? I am single but I probably could swing it financially.
A: One of the perils of renting is that you’re unable to do much else with someone else’s property besides pay their mortgage. There are not many homes available for rent in the Northeast in the first place, so landlords can afford to be picky about how their property rules. Being a pet owner is one good argument to own your own property.
Before I bought my home I rented a home from a friend and was lucky enough to be able to keep my dog, but I wasn’t happy with the location. Now that I live in my own house, in a location in the Northeast I picked myself, I have two dogs. Many of my neighbors have dogs. We all own our homes. But I know many renters who have had to either give up their dog, temporarily or permanently, just to be able to have a roof over their own heads.
If you’re credit-worthy and able to get a mortgage, I’d say it’s an investment in your future, anyway. Also, with the high price of rentals these days and the low cost for a mortgage, you’re most likely making out in the deal financially. Seek the advice of a mortgage professional and see if you can buy a house with the same monthly payment you’d pay for rent. You’ll be surprised!
Stacey McCarthy is a real estate agent with the McCarthy Group of Keller Williams. Her Real NEastate column appears every Wednesday on NEastPhilly.com. See others here. Read other NEast Philly columns here.