7 Reasons You Should Rent Rather than Buy

For some people, owning a home may be a lifelong goal. But for others, that isn’t always the case. Everyone’s personal goals are different, and for many, renting certainly has its own advantages that you do not get to have with home ownership.

Whether you are looking to buy a home in the future or plan to always rent, here are seven reasons why renting is a great option.

1. No Maintenance Costs

As a renter, your landlord takes on full responsibility for maintenance, repairs, and improvements. When issues such as a broken appliance come up, it is up to management to fix or replace whatever is wrong with it. As a homeowner, the responsibility of fixing anything – from a leaky roof, broken heater, or broken appliance, falls entirely on you which can be difficult to budget for.

2. No Property Taxes

Whether you pay a mortgage or have your home fully paid off, homeowners can’t escape a lifetime of real estate taxes. When you rent, you’ll never have to worry about that extra expense. This can leave you with more money leftover in your pocket as a renter.

3. Amenities

While amenities at properties can vary, as a renter, you can have free unlimited access to your building’s amenities. Your building may have heated parking, secure package delivery lockers, a fitness center, or even a pool. If you’re a homeowner, you either need to pay to put these things in your home, or pay monthly memberships for them.

4. Utility Costs are Lower

Apartments are typically smaller in space than homes; however, that does come with added benefits. Homeowners will see much higher costs to their electric bills each month. Not only that, but some apartment buildings even pay for some energy costs, such as your heat. At the end of the month, a renter’s utility bill will look a lot different than that of a homeowner.

5. Money Could be Invested Elsewhere

Many people see homeownership as an investment. However, a down payment for a home could actually be invested towards something else – which could in turn generate an even higher return. The money used for a down payment could be invested into the stock market or earn interest in a bank account and make more money than that of a home.

6. No Down Payments

Typically, when you rent, you need to put down a security deposit equal to one month’s rent. But that’s where your payments end. If you keep your apartment home in good condition, you will even see that money returned to you once you move. As a homeowner, you need to on average put down about 20% of the property’s value. When you don’t have that money to put down, renting will be a much friendlier option

7. Flexibility to Move Easier

Flexibility is a great benefit when it comes to renting. If you own a home and are looking for a change in location or to downsize, you must go through the extensive process of selling your home. When you rent and reach the end of your lease, you are free to move to any new location that fits your current needs without the hassle of having to sell your home.

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