In a previous article we discussed the benefits of home ownership, now we will focus on the other side of the coin. Buying a home is not for everyone, and that is perfectly fine as renting has many of its own benefits. Many people think that renting is a waste of money, and that is not true at all.
No Maintenance or Repairs
One of the best parts of renting a place is that you are not responsible for maintaining the property or repairing anything that needs to be replaced. Upkeep on a home requires a lot of energy, and many people either don’t have the time, or just simply don’t want to deal with it. When you are a home owner, you need to fix everything that goes wrong. This can get extremely costly and overtime, it can become a real burden.
No Need for a Down Payment
When you go to purchase a home, it is required that you come up with a down payment. This can be difficult for some people, so renting is a better idea. In most cases when you first rent a place you need to come up with a couple months’ rent and a deposit. You can actually get your deposit back as long as the place is in the same condition as when you moved in. A good amount of people do not like the idea of a big down payment and would rather have the money in their account.
Flexibility is a big part of renting, as you are not tied down to a property. If you are the type of person who has a very busy career where you might have to move to different places, renting is perfect because you can just pack up and go to the next place. If you were a home owner you would have to worry about selling the house and everything associated with it. Many people do not like the idea of being tied down, so having a place to rent is perfect for them.
Lower Utility Costs
When you think about the sizes of both a home and an apartment, the difference is usually very noticeable. When it comes to paying utilities, this makes a big deal. In the summer, if you need to keep your home cool, think of how much more energy it’ll take to do the job because of the size of the home. One of the cost benefits of renting is that, depending on the size of the place, your utilities can be far less than that of a home. If you are renting a 1 bedroom apartment, you more than likely won’t use much energy.
Although in the long run being a home owner may have many benefits, sometimes it’s better to rent depending on your situation. Owning a home is very costly, and not everyone wants to deal with what it takes to own a home, and that is fine.
Renting is seen by some as wasting money to some, just like how owning a home can also be seen as a bottomless money pit. If you think about it, a maintaining a home requires a lot of time and money that you will probably never recoup. Renting is not for everyone, but can be a great option for those that are not ready, or do not want to be home owners.
If you are thinking that you no longer want to rent and want to take the dive into home ownership, now is the time to buy. Rates are at 14 month lows and Total Mortgage’s 30 day guarantee can get you into a new home quickly.