Why Renting Makes More Sense

As a rite of passage in today’s society, we are all expected to own our own homes; anything less is often seen as a failure by others including our own family members. Rooming with friends, living with your parents, or renting an apartment means that you haven’t matured enough, your job isn’t good enough or you aren’t smart enough to own your own home. Does it really have to mean all of that?

 

Renting has many advantages over owning a home and it shouldn’t be seen as not “making it” in life. Sometimes the smart ones are the people who are renting their homes. Think about it for a minute. For the price many people pay in mortgage payments and other fees associated with owning a home, you can rent a very nice condo complete with a pool and health club. How much would a home cost with those amenities nowadays? Let’s take a look at some of the benefits that renting has over owning.

Constantly Moving From Place to Place.

If your job requires you to be on the move more than the average person, buying a home and settling down in one city would be difficult. Selling a home every 1-2 years is a foolish option as there is no way you will be able to make any of your money back.

Hidden Price of Home Ownership.

Sometimes when you purchase your dream home you barely have any money left over for a decent meal. Many people often put themselves deep in debt when buying a home just so they can call themselves a homeowner. It might be worth it to some, but not to all. Especially when you wake up freezing in your bed in the middle of winter; your furnace has quit on you and you need to buy a new one. Can you put it off? The answer to that is often no; putting off repairing or replacing your furnace could lead to other costly home repairs such as frozen pipes which could burst and cause thousands of dollars in damage. In fact, any major appliance that breaks in your home will need to be replaced and will cost you money. If you are renting and something goes wrong, you call the leasing company or whoever you are renting through and they will have a repairman out right away with little to no out-of-pocket expenses on your part.

Home Repairs.

When you own a home, you are responsible for any structural repairs your home might be in need of. Your roof leaks, it’s a bill. You need a new carpet, that’s another bill. The list goes on and on but a home does need regular maintenance to keep it in good shape. The more you let slide, the worse it gets and the more money you will end up paying in the end. With a rental unit, regular upkeep of the home and the property is the responsibility of the homeowner, not the renter. You can save thousands of dollars every year on necessary repairs and maintenance just by renting.

Life Happens.

If you are in the middle of a major life change such as divorce, bankruptcy, job change or anything else that will take up most of your time and focus, buying a home might not be the answer for you. At least not yet. Any of these situations can be a struggle and the added stress of homeownership can make life downright unbearable. It’s times like these when you need to take a step back and let someone else take the reins. Put off buying a home right now and just rent. It’s much easier, less hassle, and will save you a lot of headaches and sleepless nights.

As you can see, there are many benefits to renting a home and it will enable you to live a more comfortable life without stressing your financial limits. Renting will even allow you to save enough money to eventually buy your own home one day when you can actually afford it.

Elizabeth Roberts

Elizabeth Roberts

Liz Roberts and her team are continuously providing information to people who are ready to repair their credit and improve their credit score. Also NewHorizon.org team strives to empower the homebased and small business owners by bringing information that can help them to manage and grow their businesses. Let our 24+ years of business finance experience help you to get the financing you need! CONTACT US if need financing for your business.

8 Comments
  1. Renting is a lot cheaper when you compare it to all the fee’s when actually owning a home

  2. This makes a lot of sense. I personally never rented a home, but I should have. There was many situations where I wanted to just leave, but I was tied down to my house.

  3. I know a lot of people prefer the likes of owning rather than renting, but to me, renting is a lot easier to deal with. I do want a home of my own at some point, but I’ll need to have the money set to be able to afford a house I really want. Renting gives me what I need, and I don’t need a house to get that.

  4. I slightly disagree-it depends where you live, in Chicago a two bedroom rents for at least 1200 and that is not always inclusive of all amenities. It made more sense to buy in this case. We are in a condo so we still don’t have to worry about repairs and maintenance. It’s included in the assessments.Our real estate also doubled over the years.

    Now I think people go all out on buying too much of a property and then get slammed with big debt.

    • Thanks for bringing that up Deanna. Yes it’s depends on the situation and on the location too. For some people it’s better to rent, but some it’s better to own. My sister made the wise choice of buying her place in Texas and not even 2 months later RE started to boom in her area. A year later and she already has $80K in equity. It’s always better to analyze your area first. Weigh out how much you can afford and see if buying makes sense. In some areas where rents are low, you are better off renting then buying.

      RE ownership is always a gamble. Here in Vegas so many of our homes lost value that a lot of people let the bank foreclose since the house wasn’t worth anywhere near what they paid for it. That’s one thing people forget, RE isn’t guaranteed to go up. There is a chance that it will lose value and you are stuck paying for something that has lost its value.

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NewHorizon.org is an independent, advertising supported website. The owner of the site may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. NewHorizon.org has not reviewed all available credit card offers in the marketplace.

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