Homeownership isn’t for everyone. In the fast-changing world we live in, more and more people chooses to rent than buy their own house.
There are several good reasons why a lot of people now opt to rent than buy. Some of the best ones are listed down below.
No homeowners insurance and property taxes to pay
Renting a home or apartment will free you up from property taxes and homeowner insurance that can break your bank. The cost of real estate taxes and insurance fluctuates and not to mention, it can shoot up to the roof for some neighborhood and cities.
Renters don’t lose money if home value depreciates
Your home is your investment. And once you poured down a good chunk of money into it, you expect that its value will go up as time goes by. You expect to sell it for more than you bought it for when the situation arrives. The truth is this is not always the case. A lot of factors can affect a home’s selling value. Crime, traffic, unemployment rate etc can affect the market value of a property. You may end up selling your home way below the price you bought it. Renters don’t have to worry or deal with this kind of situation.
Less money to move in
Renters only need to pay security deposit + 1 to 2 months worth of rent to move in. This is way lower than the 20% down payment fee that homebuyers need to pay for their house. This is one of the major reasons why people of today are more comfortable in renting a house or apartment than buying a typical house.
Renting is budget friendly
If you are a renter, you can easily adjust your lifestyle according to your budget. If your flow of income suddenly hits rock bottom, you can easily downgrade and move into a cheaper space. Homeowners don’t have this flexibility. Once they are locked in to the 30 years mortgage, they are expected to pay the fix amount each and every month, no matter the situation is.
Renting a home or apartment gives you flexibility to live wherever you want. Near the city, close to a lake, few minutes away from your office or school – you can freely decide where you want to live at. With a short-term lease, you can easily pack up your bags and leave whenever you want.
No maintenance fee or tasks to look at
When one of your appliance stops working, just call your landlord and they will have it fix immediately. When your roof starts leaking or a cabinet door broke down, just inform your landlord and they will take care of it. You don’t need to get your hands dirty or shell out extra cash for repair and maintenance. Just call your landlord and it they’ll fix it in no time.
Swimming pool and fitness gym are some of the amenities that most apartment complexes and communities offer to their tenants. You can use and access them for free or at minimal charge. For homeowners, they have to pay great amount of cash to be able to get this amenities at their property.
No more annoying neighbors
With apartment or house renting, you can choose your neighbors. If you don’t like your current neighbor, you can easily move out and rent a new place you can call home. If you are a homeowner, you have no choice but to live your life next to your not-so-cool neighbors.
Home ownership has been considered as the pinnacle of a person’s life. But in today’s economy and environment, you have to be more practical.