While many people would prefer to own their own home, there are advantages to renting a home rather than buying it. People who rent not only save money, but they also avoid some of the hectic problems that come with owning a home, like paying taxes. I hope the following reasons make it easier on you when it comes to choosing between owning and renting your next home.
Ten Reasons to Rent #1: Cheaper
Most of the time, you will find that the payments to rent a home are much cheaper than those to own a home. Depending on the job you have, it may be a better option.
Ten Reasons to Rent #2: No Maintenance
Do you like to mow, paint, or change out appliances? I didn’t think so. When you rent a property you will not have to worry about maintaining that home. All of this is normally done for you. If you bought a home and didn’t know how to do these things, you would have to pay professionals to do them for you, costing some serious cash.
Ten Reasons to Rent #3: Landlord Fixes Problems
Do you know how to fix a leaking pipe or a broken water heater? When you rent a home and something like this occurs, your landlord will have these problems fixed.
Ten Reasons to Rent #4: No Taxes
When you own a home you not only have to have your home insured and pay mortgage payments, but you also have to pay taxes on your home and the property that it sits on. This can really add up. Granted, your landlord probably factors those taxes into your rent payment, but it doesn’t hurt as bad that way.
Ten Reasons to Rent #5: Short-Term
If you only plan on living in an area for a few months or even a few years, it’s best to just rent a property. When you buy a home and then move, you will have to deal with finding someone to buy your home and this isn’t always easy.
Ten Reasons to Rent #6: First Place
When you first move out from your parent’s home, you may not have the money to buy a place of your own. That’s why it makes so much sense to just rent a home or apartment. This will give you more money for college and entertainment.
Ten Reasons to Rent #7: Poor Credit
It might be difficult to buy a home if you have bad credit. The best thing to do in this circumstance is to rent a home while you pay off your debt. This will not only allow you to pay more money on your debt, this will also allow you to get a better interest rate, on a home, when you do buy one.
Ten Reasons to Rent #8: New Couples
You and your partner might be tempted to buy a new home together, but this can be a big mistake. If you and your partner split up, you are left with figuring out what to do with the house. More times than not, the home will be sold because neither person has the money to make the mortgage payments on their own.
Ten Reasons to Rent #9: No Time
Owning a home does take time. For example, you will need to keep do the maintenance on your property, mow the lawn, and fix anything that breaks. If you have a busy life, renting might be the better option.
Ten Reasons to Rent #10: Single
People who are single might prefer to rent a property because they don’t need all the space that a home will offer. All that space is just more to clean and take care of. Single people will also find that renting a property is much more affordable.