If you’ve heard it once, you’ve heard it a million times: it’s better to buy a home than to rent. While this may be true in some situations, it’s not always the case. There are absolutely times when it makes more sense to rent.
Are you on the fence? Are you trying to decide if you should rent or buy moving forward? If so, you owe it to yourself to learn more about the benefits of renting. Here are five that you should keep in mind.
1. No maintenance costs
One of the primary perks of renting is that you’re not responsible for upkeep and maintenance. This will save you thousands of dollars over the course of a year. You’re never on the hook for large expenses such as a new roof, siding, furnace, or air conditioner.
2. No real estate taxes
When you own a home, you’re responsible for paying real estate taxes. Depending on the area in which you live, taxes can easily reach thousands of dollars. So, even if you pay off your mortgage, you’re still left with a tax bill every month.
3. More affordable insurance
When you own a home, you’re responsible for purchasing home insurance. But when you rent, you don’t have to pay to cover the structure itself. Instead, you’ll purchase a renter’s insurance policy that protects your personal belongings.
4. No down payment
Buying a home in today’s day and age means making a sizable down payment. This is a lot of money out of your pocket upfront.
When you rent, you’re likely to pay a security deposit of several hundred dollars, but that’s much more affordable than a down payment. You can use the money you save on other important expenses in your life, such as going back to college or traveling abroad.
5. Increased flexibility
Selling a home is anything but easy. You have to list the home, find a buyer, and pay a real estate agent. And that doesn’t even take into consideration closing costs.
Renting a home provides more flexibility. Once your lease is up, you have the legal right to leave the property.
Now, what do you think about renting? Are you beginning to rethink your decision to buy?
If nothing else, you should take the time to carefully consider the pros and cons of renting and buying. It’s the only way to make an informed and confident decision. And when it comes to your living situation, that’s critical to your long-term well-being.