Many people wish to own their dream home and make that home an inspiration as they continue to live their lives. However, there are cases where renting a home is more practical than buying one. In choosing to get a house, here are 5 reasons to rent instead of buy:
1. Costs Less
Topping the 5 reasons to rent instead of buying a house is the financial matter – it costs less. A homeowner is expected to pay 78 percent more than a renter in monthly expenses. Indeed, renting oftentimes costs less than home purchasing. An old myth says that you throw your money away in renting. While you are renting, money does not go back to you but you get something from it – a house to live in.
2. Less Responsibility
Renting can be a good option for those who like limited financial responsibilities. Most of the responsibilities are on the homeowner. Damages in the house or apartment are likely to be paid or replaced by the owner. Renters usually are responsible only for minor maintenance like AC unit filters and light bulb replacement. Renting also removes you from hidden costs that go with home ownership.
One of the 5 reasons to rent instead of buy a house is flexibility. Some people need an abode that is within a mile or two from where they travel to the most. That makes it more convenient and time-saving to reach their workplace, for example, in a few minutes. Relocation is also easier when they get a better job offer somewhere. If you need to relocate and you purchased the house, you will be simultaneously paying your house mortgage and the housing rent at the new location.
4. Less Risk or Hassle
If you are married, buying a home might depend on two incomes that are earned by you and your partner. With existing unemployment rates, losing a job is a real possibility for many people. Statistics shows that renters face zero chance of foreclosure. Renters do not experience risks and hassles. When there is damage in the home, they simply call the landlord. They do not need to mow the lawn, nor need to own a lawnmower. Renters also do not worry about debts, financing and refinancing.
5. More Freedom
When you are renting a home or an apartment, you will likely bind yourself to a six or 12-month lease. When that duration is up, you are free to pull out and move to another house. You also have the chance to renew the contract lease when your landlord agrees. However, when you buy a house, you are tied to that for your loan’s term, which is usually 20 to 30 years (unless you buy in cash). Housing needs that are just short-term are one of the major reasons to rent instead of buy a house.