11 Reasons Why Renting Can be Better than Owning a Home
Everyone from your dad to your TV is telling you that you need to own a home, yet for some reason, the idea of that kind of commitment terrifies you. Buying a home is generally considered to be a sign of success or at least security, but for many people, buying as soon as you can isn’t the best option. Here are 11 reasons why renting your home can be a better living solution than buying property.
1: You may be able to live in a nicer or more convenient area
There may be homes you could afford to buy, but chances are they aren’t right near your work, or in the very best parts of town where you would love to be. Renting can often give you the opportunity to live in places where you could never afford to buy, and as well as a better quality of life this can also give you other benefits such as saving money on reduced commuting expenses.
2: You may be able to afford to live in a bigger or nicer home
Depending on where you are, you may well be able to afford to rent a much larger or more beautifully designed property than you can currently buy.
3: You never have to “fix her up”
When you rent, the landlord has to bring the property up to a decent standard and maintain it. This means everything will work, nothing will be shabby of falling apart, and you won’t have to do any hard DIY style labor to make the place livable.
4: Maintenance is somebody else’s problem
Even while you are living there, if you have any problems such as with the plumbing or fixtures and fittings, it is down to the landlord to arrange for these to be fixed and to pay for the work. This means you don’t have to live in fear of massive emergency plumber bills and you can be assured that your rights as a renter will ensure your place is always habitable.
5: You can move more easily
Say your job has a great opportunity for you in a cool new city where you’d love to live. If you rent, chances are you can up sticks and go pretty quickly and easily. You’ll have to sell your home, buy another one, and deal with all the time consuming and expensive logistical and legal stuff that comes along with all of it. Many people pass up opportunities because they can’t handle the hassle of a move because they own, so renting is better if you aren’t ready to settle in your city.
6: You can’t lose half a rented place in a break up or divorce!
When you own with someone, things can get really messy if you split up, and you can stand to lose your home (or at least half of it) in a divorce, too. If you rent as a couple, it is generally much easier to sort things out if the relationship comes to an end.
7: You can up or downsize more easily
If your financial situation changes and you can’t afford the place you are renting anymore, you can easily downsize without having to worry about losing money on a sale. On the other hand, you need or just want to upsize (perhaps if you have a baby on the way), then this is easy to do too.
8: Extra facilities often come with rentals
If you rent in a complex you can also have access to facilities you could never afford to have in your home, like a pool or a gym, or a room to host parties. This can make a big difference, because think how much you might have to spend on a gym membership, and how much harder it could be to motivate yourself to go if you actually had to go out!
9: Parking is usually more secure in rented communities
If you rent in an apartment block or similar, chances are you will have access to very secure parking, for example under the building in a lot you can only get to if you can activate the parking garage doors. This is not only better from your point of view because you can be sure it is very unlikely your car will be broken into or stolen completely, but it is also likely to lower your car insurance premiums.
10: You won’t have to worry about sky high property taxes
While sometimes the monthly cost of owning can look comparable to the cost of renting, in actual fact this is usually when it is taken without adding on the monthly property tax. Property tax varies according to where you live and the value of the property, but it can be a very, very substantial amount. When you rent you don’t need to worry about this, and aside from some monthly maintenance fees in some places, you will generally pay only what is quoted.
11: Your monthly spend is more predictable
If you find you live month to month on a tight budget and couldn’t just conjure up $1000 if you needed it, then renting is better because you know exactly what it will cost you each month. With owning, you never know when a big, urgent repair will be needed or you’ll have to hire someone to fix something, and this can lead to shock bills.
Author Bio: Charles Henry works for Rentersinsurance.net which helps people find good rates on renters insurance.