Trying to decide if you want to rent or buy is something that can cause a ton of stress. It can be very hard to determine which is the most logical for you and your family. Both options have their advantages and both can be the right choice. Here is a look at seven powerful reasons why renting might be better for you than buying a home:
Seven Reasons to Rent Instead of Buying
It Is Much Easier to Move If You Relocate
Some people are not exactly stable about where they are living. Perhaps you are in an internship or your job is likely to be changing. If this is the case, renting can be perfect because it allows you to move rather easily. Trying to get out from under a mortgage and sell your home quickly is not a good financial recipe. Why not rent until you know where you will be for a while?
Maintenance Costs Falls on the Landlord
Nobody likes it when their furnace goes out or the plumbing is messed up. If you rent instead of purchase your home, that will be the responsibility of the landlord. That freedom from maintenance costs is a big draw for renters.
Bad Credit Is Less of a Problem
If you have credit challenges, renting can be a lifesaver. Some folks simply don’t have the financial profile to get a mortgage. Renting can often be a solution when nothing else is available.
Rental Options Are More Plentiful
Finding a place to rent is pretty easy and you can usually find one that fits you exactly. Buying a home is a bit more challenging although home sales have been rising in recent years.
No Down Payment to Worry About
That massive down payment on a home you buy is painful no matter how you look at it. With a rental home, you simply pay a deposit and
get that money back if you take proper care of the home.
Apartments Offer Amenities
If you are renting in an apartment or townhome complex, there are commonly awesome amenities included. You can get access to the pool, workout areas, tennis courts and even free wifi in some cases. Amenities are often a huge draw to the rental crowd.
Utilities Are Often Included
When buying your home, you are going to have to pay for everything. This includes water, trash, utilities and so on. With rental properties, those things are occasionally tied into the cost of rent. This can be incredibly convenient.
Rental homes are a great option for some folks and buying certainly has it’s benefits too. Look at your personal circumstances and then make an informed decision.
Did you enjoy this post? Find more money saving tips here.
Leave a Reply