Renting vs Buying: Why Renting Could Be Better For You
Usually, your mind tells you that buying a property is always the best option. It’s the end goal for so many, yet there are situations where renting comes out on top. This might be hard to believe, but you might actually benefit from renting instead of buying.
Now, this does depend on the individual and their situation. If you’re young and single - or living with a partner - here are some of the reasons renting could be better for you:
Now, this does depend on the individual and their situation. If you’re young and single - or living with a partner - here are some of the reasons renting could be better for you:
Renting vs Buying: Why Renting Could Be Better For You
More Flexibility
Renting an apartment or a house means you’re on a lease. You live somewhere for an agreed-upon time, and then you either take out a new lease or go elsewhere. For busy individuals that like to explore different work opportunities, renting is easily the best option.
You have more flexibility to pack up your life and move around every few months. You’re not tied down to one location, which is the case when you buy. Younger people who want to explore the world or test out different career paths will benefit from this added flexibility.
You have more flexibility to pack up your life and move around every few months. You’re not tied down to one location, which is the case when you buy. Younger people who want to explore the world or test out different career paths will benefit from this added flexibility.
More Availability
It goes without saying that there are always more apartments to rent than there are houses to buy. This benefits renters as they get more options to choose from. It makes it easier to find a place to live that gives you all the things you need. You don’t have to make as many sacrifices as you do when buying a property.
Without as many homes for sale, you often have to compromise your interests and settle for something less than you hoped. It’s very hard to find your dream home, but it’s not as hard to find a dream rental property.
Without as many homes for sale, you often have to compromise your interests and settle for something less than you hoped. It’s very hard to find your dream home, but it’s not as hard to find a dream rental property.
Fewer Responsibilities
Homeownership is full of ups and downs. A lot of people look forward to owning a home because it means rent is a thing of the past. Yes, you have mortgage payments, but you justify them by saying at least they’re going towards something you own. Unfortunately, homeownership also comes with lots of responsibilities.
As the sole owner of the property, you are responsible for everything. Even when you have a mortgage - the bank doesn’t own your property and will not provide any help. When things break and need fixing, it’s down to you to call someone and arrange repairs. Home maintenance, such as window cleaning or appliance servicing, is all managed by you. There’s a lot on your plate, and the cost of all these things comes out of your pocket too.
Renting is a different story. The landlord is responsible for everything relating to the property itself. This includes structural maintenance, purchasing big appliances, dealing with repairs, etc. If your washing machine breaks down, they have to pay for a new one. If there’s a leak in the window, they need to fix it. You aren’t as responsible, which takes the weight off your shoulders. It’s especially helpful if you live a busy life and don’t have time to worry about all these extra things.
As the sole owner of the property, you are responsible for everything. Even when you have a mortgage - the bank doesn’t own your property and will not provide any help. When things break and need fixing, it’s down to you to call someone and arrange repairs. Home maintenance, such as window cleaning or appliance servicing, is all managed by you. There’s a lot on your plate, and the cost of all these things comes out of your pocket too.
Renting is a different story. The landlord is responsible for everything relating to the property itself. This includes structural maintenance, purchasing big appliances, dealing with repairs, etc. If your washing machine breaks down, they have to pay for a new one. If there’s a leak in the window, they need to fix it. You aren’t as responsible, which takes the weight off your shoulders. It’s especially helpful if you live a busy life and don’t have time to worry about all these extra things.
See, renting can be more beneficial than buying in some scenarios. The purpose of this is to educate you so you can make better decisions that improve your life. Don’t get forced into thinking you must buy a house by a certain age. If renting works for you, then let it keep working!
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