Owning a home is for sure, a life goal for most of us. However, not all of us are financially stable to do so, especially for those who are just building their careers or starting a family. Both home ownership and renting have their own pros and cons but in this article, I will be talking about the different reasons why you should opt to rent a home instead of purchasing one.
1. It gives you flexibility.
If you have plans to relocate in the near future, because of your work, family or just because you are not sure where to settle yet, then renting is best option for you. With renting, you can choose your own agreement with your tenant and also break your rental lease in case you need to move suddenly.
2. You are not responsible for maintenance or repair.
As a renter, you don’t need to worry about maintenance or repair issues. When the pipe bursts or toilet breaks, all you need to do is call your landlord instead of paying for or doing the repair yourself. With renting, you are paying for the luxury of not having to worry about these things.
3. You’ll pay less for Utilities and Insurance.
Unless you are renting a large home, a small rental home has lower utility costs since it requires less electricity usage. A renter’s insurance is also much cheaper as compared to a homeowner’s insurance.
4. You don’t need to worry about property values.
Since you don’t own the property, you won’t be affected with the changing economic conditions that may decrease the value of your home. The home value determines the amount of property taxes and mortgage that you pay, which will be your landlord’s problem instead of yours.
5. The credit requirements are less strict and no need for a big down payment.
Big upfront payments are usually the concern of most people who are just settling in. With renting, you can avoid high initial down payment costs. Going through a background check is also less strict. As long as your credit report doesn’t have bankruptcies and judgments, your application will be more likely approved.
At the end of the day, it’s still your personal choice to rent or buy a home. Before making your final decision, make sure that you review everything and weigh all the pros and cons to determine which fits your budget, lifestyle, career and family best.