So when you read the title, did you think?: 'No you're wrong! You're throwing money away when you rent!' Or were you thinking: 'Yes! Renting gives me more flexibility!'
On Linked In there was a great discussion on this very issue, which made me think about the real benefits of renting your primary residence. I won't talk about investment properties, because, well, the point of buying a rental property, is so that someone will rent it off you!
So what are the benefits of renting your home, rather than owning it?
It's Expensive to Own a Home
Houses are by nature expensive to purchase, expensive to maintain, there are regular on-going costs. Can you comfortably afford it?
Renting on the other hand is usually less expensive, no maintenance costs (unless you've done something you shouldn't), and contents insurance is less expensive than owners insurance.
Flexibility
If you are new to an area, or aren't planning on being in the area very long, then renting makes sense. You can move around fairly frequently depending on your lease agreement. In these uncertain days when following work to new cities is commonplace, it makes sense.
Perks
There are lots of apartment complexes with amenities such as gyms and pools, maybe even a community area where you can host parties. Could you afford to buy a house with a pool and built in gym?
Better Living
You might not be able to afford to buy the house, but you might be able to afford to rent there.
So there are 4 reasons why it's better to rent than own, there are more of course. But now it's your turn, I want to hear why you think it's a crazy idea to rent, and why you should own. What are the reasons?!
On Linked In there was a great discussion on this very issue, which made me think about the real benefits of renting your primary residence. I won't talk about investment properties, because, well, the point of buying a rental property, is so that someone will rent it off you!
So what are the benefits of renting your home, rather than owning it?
It's Expensive to Own a Home
Houses are by nature expensive to purchase, expensive to maintain, there are regular on-going costs. Can you comfortably afford it?
Renting on the other hand is usually less expensive, no maintenance costs (unless you've done something you shouldn't), and contents insurance is less expensive than owners insurance.
Flexibility
If you are new to an area, or aren't planning on being in the area very long, then renting makes sense. You can move around fairly frequently depending on your lease agreement. In these uncertain days when following work to new cities is commonplace, it makes sense.
Perks
There are lots of apartment complexes with amenities such as gyms and pools, maybe even a community area where you can host parties. Could you afford to buy a house with a pool and built in gym?
Better Living
You might not be able to afford to buy the house, but you might be able to afford to rent there.
So there are 4 reasons why it's better to rent than own, there are more of course. But now it's your turn, I want to hear why you think it's a crazy idea to rent, and why you should own. What are the reasons?!
I rent off you guys and love it. I definitely can't afford to build a house at the moment but can comfortably afford to rent a brand new house meaning my family is in a better and safer house than I could currently purchase.
ReplyDeleteThat is a very good reason to rent. I'm very glad to hear you like our services.
DeleteIts expensive to invest in a property of your own but the best thing about it is that in the long run you can do whatever you want with that property without moving to a new location...
ReplyDeletebuy investment property
That is very true. For a lot of people at the moment it's hard to get into the market. Thanks for your comment.
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