Many people wonder whether it’s better to rent or to own. Growing up many people aspire to one day owning their own house, but is that dream dead? Housing prices continue to rise and more people choose to rent. Whether or not you decide to stay renting depends on the type of person you are and the lifestyle you lead. Here are the benefits of renting so you can be the judge.
Homeowners will have to frequently update and maintain their home. These additions will add up quickly and homeowners will find themselves stuck with large maintenance bills. Renting saves you from having to pay these kinds of bills as you won’t be the one responsible for fixing everything should you have a problem.
Renting makes you more flexible. If you own a home, it may be harder to relocate whenever you want. Renting does still have responsibilities and you are in the lease, but the process of selling a home is far more costly and time-consuming.
You may not be able to afford to live in your dream neighborhood, but you may be able to rent in this neighborhood or at least close to it. Renting is cheaper than owning a home and this means you have many more options in terms of location than you would if you were looking to buy a home.
Reduced chance of financial loss
Many people buy their homes with the intention of selling it later to generate a profit. This is a wonderful idea in theory, but the real estate market is known to be fickle. Owning your home puts you at risk for major financial loss if interest prices rise or the economy isn’t as strong as when you bought the house.
Another benefit to renting is being able to pay your rent online through your credit card and receive rewards points. Head to RentMoola for more information.