5 Reasons To Rent Instead of Buying a Home
Deciding to purchase a home is a huge decision that may not suit everyone. There are plenty of reasons to rent instead of buying a home. Especially today, when so much can change at the drop of a dime, renting has numerous benefits. Learn more about the difference between buying and renting and how each one affects your bottom line. Keep reading to find out more reasons to rent instead of buying a home.
1. Low Upfront Costs
If you want to buy a home, you’ll need a chunk of change upfront to make it happen. This means having money stored away for the closing cost, which can be prohibitively high depending on your financial situation. Even if you have the money saved up for a down payment, you’ll not likely have enough to cover all the upfront costs associated with buying a house.
Renting has disadvantages, but the upfront costs are usually a couple of hundred dollars as a deposit and maybe the first and last month’s rent.
2. Total Flexibility
Another great benefit to renting is that it gives you flexibility. If you get a job offer in another state, you don’t have to worry about selling your home or finding someone else who wants to rent it. You can end your lease or offer it up as a sublease and go on your merry way.
Owning a home is often associated with “settling down” and wanting to stay in one location for a while. You want to decide if this is the best place to build your new home before purchasing a home.
3. Less Maintenance
As a homeowner, you’re responsible for taking care of your property. The list of things that need to be maintained is extensive. It includes:
- Roof repairs
- A/C and heating issues
- Leaking plumbing
- Electrical Repairs
This list doesn’t even include all the minor repairs! That’s why it can be such a relief to rent instead of buying a home.?
4. Neighborhood Amenities
Amenities are an important part of the rental process and can help you decide where to live. When seeking a home in desirable rental communities, a reliable resource is essential to find the most suitable place for you. Rental amenities may include a pool, playground, gym, or other recreational spaces. After all, the quality of life directly affects how much you enjoy living in a community and neighborhood. The luxury items are included in most apartment or condo rental communities but would cost a homeowner thousands of dollars to replicate on their property.
5. No Property Taxes
Property taxes are taxes on the ownership of the real estate. They’re collected by local governments and used to pay for local services such as schools, the police, and the fire department. Property taxes usually need to be paid annually.
Renters don’t have to worry about this because they won’t own property, saving them money each year.
Sometimes Renting Is Better
Renting gives you more flexibility in your living situation and allows for more mobility than a homeowner. You can move whenever you want without worrying about selling the property. Also, renting is cheaper upfront than buying! If things don’t work out as planned, it’s much easier to get out of an apartment lease than sell a house!
