When Your Job Might Affect Your Decision to Find Apartment Rentals
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Should My Job Situation Affect My Decision to Find Apartment Rentals or Search for Real Estate to Purchase?
Your particular job situation can have a major effect on your decision to find apartment rentals that you like versus a decision to purchase real estate. This consideration – or dilemma – is not related to money; neither your salary nor savings account. That issue is a simple one to resolve. Jobs and careers affecting why you should rent or buy are much more complex. Consider the following issues that may or may not have clear answers for you.
- At what stage is your career currently? Have you begun a real career or do you still have just a job? In the mid-term future (five to ten years) what do you foresee in your professional life?
- Do you work for a local company or a national/international firm? Even if you love your job and your company, does the future project that you may be moving to Los Angeles, Denver, Paris, or London? If you're with a local company, with no projected geographical moves, are they financially stable? Will they exist five years from now? Might they be bought by a larger, national company?
- Do you project a possible career change in the short term? If so, might your new career require a major move or short term salary reduction?
- Does your job require frequent overnight travel, keeping you away from home often? Who will manage the homeowner responsibilities (lawn, cleaning, repairs, etc.) while you're away?
- Do you work as an independent contractor or commissioned salesperson? Does your income fluctuate widely from month to month? Do you expect this trend to continue, get better, or worse?
These are but a few major factors that can influence your decision to find apartments for rent that suit you or take the step to own property. As usual, there is no right or wrong decision. The best decision is the one that fits your current and projected situation.