Rental Properties

Our rental home business is where we developed our “Great Homes for Great People” philosophy! For years we’ve worked hard to purchase properties below market. We then use our excellent vendor relations and negotiation skills to spend wisely on improvements that are slightly above market for the neighborhood. This allows us to rent our properties to great people and families at below market. In fact, most of our tenants have been with us for over 5 years and we also have some multi-generation families in our homes.

We love our rental business. We love our tenants and vendors.

Even so, buying is almost always a better financial decision than renting. That doesn’t mean renting is always wrong. Just like a university education isn’t for everyone, buying a home isn’t for everyone either. There are many valid reasons to rent. Below are a few.

In some cases, renting is best when you’re planning move soon from your current location. Or maybe you relocated recently. When you’re not familiar with your new surroundings, it’s sometimes better to rent for a while. Similarly it’s good to wait on purchasing a home if you have recently experienced or are expecting a major life event. These include getting married, having a baby or adopting a child, transitioning to a new school or a new job. These major life changes create an excitement (and stress) that causes us to be more emotional than normal. With these situations, it’s often best to rent instead.

Experts also suggest that you consider the 5-year rule, which essentially means you need to plan to stay in the home you buy for at least 5 years. The 5-year rule is based on the fact that the costs to buy a home are usually paid off in the first 5 years of the loan. In tandem with that, after five years you’ve usually gained enough equity through appreciation that moving won’t result in a financial loss for the costs you’ll have to pay as the seller of the home.

Another reason some people to prefer rentals is because renters generally are not responsible for major repairs and services if something breaks. Got a clogged toilet? The landlord typically pays for that. Does the roof need to be replaced? That’s not the tenant’s problem.

Some people plan to be renters for life and we respect that.

Property Masters focuses our rental business on the Arizona market and our AZPropertyMasters.com website has the Property Masters rental home listings. This site also posts articles specific to renters’ issues. If you’re looking to become a landlord, there are a few articles in our Money Matters blog that you might like.

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From the Property Masters blog

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