A lot of people believe a seminal part of the American dream is owning a house. Homeownership is really not a marker of success, and this idea is kind of antiquated. Buying a home is an enormous commitment that isn’t right for everyone. Renting is the better option for many people and holds many advantages over buying. You may bemoan your monthly rent and shed a little tear every time that check gets withdrawn for an account, but can you imagine the financial burden of actually buying a house and maintaining it? Regardless of your financial situation, renting is a better choice for many lifestyles. There is a lot more freedom in being a renter as opposed to a homeowner, and who can put a price on that? Here are the best reasons as to why you should be renting rather than buying.
You Have More Flexibility When Renting
One of the biggest benefits of renting versus buying is the flexibility. As a renter, you aren’t locked into a 30 year mortgage, and you don’t have to find new buyers if you decide you want to move. Your biggest commitment as a renter is signing your lease, which is typically for only 12 months. Even if you have to move for some reason, you can talk to your landlord about breaking the lease or buying out of the lease. You can also sublet your apartment for the remainder of the lease.
Renting allows you to explore different cities and neighborhoods without being locked down. You get to know the community and culture of a place while you rent and decide if it’s a good fit for you in the long run. At the end of your lease, you can always move somewhere new and different.
If you’re at the beginning of your career, renting is your best option. You don’t know where your job will take you in the next few years. It may take you across the country or even across the pond. If you’re renting, you have the flexibility to follow your career, change your plans, or forge a new path completely.
2. You Don’t Have To Break The Bank
Buying a home is a huge commitment. It is a long term financial obligation that cannot be taken lightly. RIght upfront, it’s going to cost you tenfold what it would be to rent a new apartment. Paying a security deposit, first month’s rent, and broker’s fee is small potatoes compared to a down payment! Plus, if the property values decrease, you won’t have to worry about being adversely affected. You don’t have to worry about losing money when it’s time to move because you won’t be selling a house that’s depreciated in value.
When you rent, you also don’t have to pay for homeowner’s insurance or worry about property taxes. You also have lower utility costs when renting. Houses are much more expensive to heat, cool, and power. Often, as renters, you don’t even have to pay for water or heat! You won’t find that when buying a place.
3. You Aren’t Responsible For Maintenance And Repairs
If you’ve been thinking about making the plunge and buying a place of your own, you may want to think twice. A huge portion of the expense of buying and owning a house or apartment is unseen. Sure, you expect to put a down payment on the house before moving in, and you are prepared to pay a mortgage for a definitive amount of time. But what about those more insidious costs that realtors haven’t prepared you for? Without a landlord or super, you will be solely responsible for paying for repairs and the upkeep of your new home.
When you are the homeowner, you’re the person who has to fix leaky faucets and frozen pipes, replace or repair broken appliances, and pay any other maintenance fees that arise. If you become inundated with an ant infestation or rodent problem, you will have to hire an exterminator and oversee the issue. Plumbing problems? You’ll have to shell out for a plumber. So many things can come up in the blink of an eye, and you will have to attend to them. Even if you’re handy, there are some repairs that just can’t be DIY’ed. And if something goes wrong, you’ll end up having to call in a professional.
4. You Can Have Access To All The Amenities
Renting an apartment allows you to have access to some really great amenities that would otherwise cost you buckets of money! If your building has a gym, you can work out for free essentially. It’s afforded in your rent so you don’t have to pay extra for a gym membership. Plus, it’s super convenient because it’s already in your building. Some buildings even have pools. Can you imagine getting to swim in a pool whenever you want? And not have to pay for a pass or sneak into a hotel? Amenities is one of the best benefits of renting as opposed to buying.