The debate over renting and owning a home has been going on for a very long time. There are obviously pros and cons to each, but if you ask us, the pros of renting far out way any cons that there might be, and outweigh any pros of owning. Read below why you should definitely be a renter!
1. Financial Stability
Renting your home provides you with more financial stability than owning a home. If something breaks like a washer or dryer, or your garbage disposal, the repair costs won’t come out of your pocket. Maintenance around the community also doesn’t come out of your pocket. Additionally, renting a home is often times lower than the mortgage payment of owning a home. Often times you receive upgrades for free when renting, and all of your outdoor maintenance is covered as well.
Renting your home gives you all the feelings of a home, but also allows you to have complete flexibility over your living situation. If you get a job in a new part of the country, you won’t have to worry about selling your home. If you decide you want to upgrade to a different unit, you could do that as well. After a year of owning a home, you can’t just decide to upgrade without going through quite a bit of work!
Sure, homes can come with some great perks. Maybe your community has a pool, maybe even a gym. But those perks come with hefty HOA fees. If you’re lucky enough to have your own pool, you have the awful task of maintaining it. Yuck! When renting, the amenities could be endless! You could have a pool, gym, business center, golf course, yoga center, media center, game room, and so much more! With no HOA fee.
4. Lower Extra Costs
The cost of living can add up no matter where you live, but especially when you own your home, because you’re paying for everything! When you rent these extra costs go down. The biggest lower cost is that you have no property tax! Your down payment will also be much lower and you could potentially get it back! Most apartments pay for some of your utilities so this helps your utility bill go down. Additionally, having a smaller place helps you conserve energy, and therefore save money. You won’t have as much space to heat or cool. Also, having a smaller space often times means having less stuff, which in turn can mean having less stuff to use energy. Lastly, renters insurance is much more affordable than homeowners insurance because you’re only insuring the things you own, not the entire property.
What’s convinced you to become a renter?