On the Move? 5 Reasons Why Renting Makes More Sense Than Buying
Wednesday, November 19, 2014, 1:00 AM | Leave Comment
Choosing between renting and buying a home can be difficult. Some people are convinced that buying a house is the only way to go. Although buying might have some advantages, renting has become the better option. You should know five reasons why renting makes more sense than buying.
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Freedom
One good reason to rent instead of buy is to gain more freedom. You could be trapped in a home for a decade or more with no real way to move or sell the house.
Renting an apartment allows you go somewhere else at the end of your lease. This can be very helpful when you need more space for a growing family or when you switch to a job in a new area.
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Stop Worrying about Property Values
Buying a home is an investment. The value of that investment is tied to the economy and the real estate market.
You could spend a large amount of time worrying about the economy and local markets because they affect the value of your house.
Dips in the economy can affect your borrowing power. You might even lose money over time because property values drop. You will not have these worries when renting.
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Property Managers Handle Maintenance
If you rent an apartment, then property managers will handle most of the maintenance. This is especially true in buildings that take part in programs like the Certified Rental Building Program. You will not need to spend your weekends maintaining the property.
If you have serious problems with your plumbing or appliances, then the property managers will take care of the issues. This gives you more free time.
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Amenities
Something to consider is that many apartment buildings and rental communities include amenities for tenants. These amenities could include workout rooms, coffee bars or pools.
There might be a business office on the premises or a protected playground for children. Renting can give you access to a range of amenities that would be difficult to find when buying a house.
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Less Debt
A final consideration is that you will be in less debt when renting. You do not need to finance a 30-year mortgage.
You do not need to pay large fees or invest immediately in home repairs. You can rent your apartment and remain free from new debt.
Renting is a better option because it prevents you from being tied to a single house for decades while you struggle to pay down a mortgage along with extra taxes.
The variety of rental properties available is very large. Renting makes more sense than buying a house today.
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