The Benefits of Renting Rather Than Owning

Owning a home isn’t for everyone. If you don’t like to be stuck in one place, owning a home probably isn’t a good idea. Renting presents a much better option if you value your freedom. For people that need to have the flexibility to relocate for work or other aspects of their lives, renting offers you the ability to do so without the hassle of having to sell your home every time that you need to move. This makes it the ideal option for nomads not interested in being tied to any particular location for very long.

There are extra expenses that come with homeownership. Property taxes and the mortgage can start to add up. It may even start to cut into your entertainment budget. If you weren’t able to put at least 20% down on the home, you likely have mortgage insurance as well. With that said, just because you’re renting doesn’t mean that you should feel it’s okay to go unprotected. Finding renters insurance online is still an important part of being a good renter. It protects you and your things from an unexpected event, such as a fire or theft.

There are other aspects of owning a home that might not appeal to you. A home comes with a lot of responsibility. It’s something that you get to spend many of your weekends and free time on maintaining and repairing. This can be great if you’re handy or looking for something to keep you occupied. There is also the benefit of being able to put your mark on something. You only receive the maximum amount of benefit if you plan on living in your home long-term.

Renting versus owning a home offers you a great number of benefits. When something breaks at your rental, all you have to do is notify management. They come out or send someone out to take care of that repair for you. This allows you to focus on other aspects of your life. You may travel for work or spend a lot of hours at the office. When you come home, you get to unwind without the stress of having to worry about fixing that leaky faucet.

Many rentals offer you the benefit of a 12-month lease. You can often get a lower monthly rate if you’re willing to sign a long-term lease. Then, you don’t have to completely feel like a nomad. On the other hand, the annual or twice annual leasing arrangement allows for relatively speedy exist from a residence if it becomes unsuitable for some reason. The same cannot be said for an owned home, which typically must be prepped for sale, put on the market, and sold before you can leave.

There are of course some downsides to renting compared to owning a home. You have to share a wall or walls with your neighbors. Depending on your neighbors, this can prove to be problematic. Furthermore, your rent money each month is just going to someone else rather than helping to build equity. With a home, you have an investment opportunity that renting lacks. You’re repaid this lack of investment with greater flexibility in where you want to live.

Overall, the benefits of renting may outweigh the benefits of owning a home. You can relocate whenever the fancy strikes you, or you have a need to move to a new location. There is also the plus of not being burdened with all of the responsibility that comes with home ownership. You may also find yourself with more expendable income if you don’t have to sink your extra money into a home. This can allow you to have the lifestyle of your own choosing. There is always time for you to buy a home in the future if things change for you. Renting may be the ideal solution for you at this point in your life.

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