Everyone
from your dad to your TV is telling you that you need to own a home, yet for
some reasons, 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 you could never
afford to buy, as well as 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 liveable.
4. Maintenance
is somebody else's problem
Even
while you are living there, if you have any problems such as with 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 plumbing 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 pick up sticks and go pretty quickly and
easily. If you own, then it won’t be that easy. 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 it. Many home owners pass up
opportunities because they can't handle the hassle of a move. Therefore,
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 in case 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. If on the other hand, you need or just want to upsize (perhaps if you have a baby on the way), and then this is easier 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, 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's
Bio:
Charles
Henry works for Rentersinsurance.net which
helps people find good rates on renters insurance.
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