4 SURPRISING Reasons Why Renting is Better Than Buying a Property - by Robert Freeh
It’s time to stop asking that question, especially if you aren’t ready to buy your own home.
Renting can be an ideal choice if you want less responsibility and more flexibility. While buying a house may come with some extra commitments including taxes, fees, and serious savings, renting might help you preserve your lifestyle and flexibility.
For people who complain from expensive housing markets, renting seems a simple procedure to have the place you want without having to spend years and years saving to get a house that may not meet your needs. Moreover, renting offers you more flexibility than owning a house since you won’t be tied to a long-term property, you can easily change the place whenever you want and you are not responsible for paying for insurances and taxes or saving for repairs.
The young generation is starting to realize that renting is a better solution than buying because it gives them a home without holding the burdens of homeownership.
Not convinced yet? Here are 4 surprising reasons why renting is better.
1. You can move easily
Whether you work in your hometown or another city, renting gives you the freedom to move wherever you have a job opportunity across the country. Crystal Hammond the founder of Sophisticated Spender affirms that she prefers moving to a different neighborhood with different renting conditions than paying a 30-year mortgage and owning a house.
If you are young and you buy a house, you become tied to a location before you’re ready. Supposing that you get your dream job in a different state, you will face many difficulties to sell your place, but if you’re renting, you will easily break your lease early or even sublet your apartment.
2. It is easy to share
To rent a place is ideal, especially for unmarried couples. If you break up, you can easily move out and separate your finances without any problems. No one can deny the fact that it’s hard but it remains painless than to share buying a home with someone you aren’t married to.
Also, buying a house when you are not married leads to several legal challenges, especially when you decide to have only one person’s name on the contract, even if both of you are sharing in an equal manner the mortgage payments. In this case, only the contract holder has a legal power on the property. This could be a seriously embarrassing situation for both of you, especially when the other person decides to sell the property.
3. It’s difficult to sell a house
You should consider several factors when it comes to buying or renting a house. The major circumstance is the state where you live. There are specific parts of the country where renting is better than buying because if you decide to sell your house, it could take years and years. To decide to live in a city where homes are sold quickly, you should take into consideration certain key factors like job opportunities and the average salaries for the middle class and migration.
So, renting remains the best option that allows you to move without the burden of a house It’s less expensive.
It is still controversial among financial experts whether renting is cheaper than buying a house or vice versa. But the truth is it’s somewhere in the middle. Renting is cheaper depending on the area where you live and rental prices. For instance, cities like Seattle and San Francisco are good for people who like to rent whereas Rhode Island and Omaha are more appropriate for homebuyers. So before deciding, try to do a quick research about the average rent and mortgage prices in your area. This will save you energy, time, and of course, lots of money.
4. How to decide what’s good for you
It depends on your situation. If you think it’s time to get married and have a family of your own, it seems obvious that homeownership is the right option for you. But you have to be sure that you are ready to give up the flexibility of renting.
For young people, renting remains a better option since they are still chasing a career opportunity that needs more freedom and flexibility.