When going through the process of moving, it’s imperative to first decide whether you’re looking to buy a property or rent it. How long do you plan on staying in this place for? Do you see yourself planting long term roots in this area? These are just a couple of the important things to consider before deciding how you plan to relocate. Making a move can be a huge decision, which is why it’s so important to consider all of the elements before choosing where you’re going. For the purpose of this article, here are some of the main advantages of renting a place instead of buying!
- Finances- This one of course, is a huge game changer. As a renter, you’re not paying property taxes or a mortgage, which in itself can help you save the bank. Renting also alleviates many financial burdens, especially the very unexpected ones that a house could bring. For example, structural issues or termites. Renting allows you to estimate your exact monthly costs, without having to anticipate any unforeseen issues. When something breaks, it’s much cheaper to call your landlord to take care of it, than to call a company and pay for it yourself.
- Professional Flexibility- Renting allows you flexibility in your career, because it prevents you from being stuck in one place forever. Not that owning one home has to be forever, but moving for a new job after a lease is up is much easier than going through the motions to sell your home for your job. If you’re someone who anticipates geographically moving around for your career, or if you have a job that doesn’t allow you to be home too often because of travel, renting is a great option for you.
- Market- When you rent a home, it alleviates any potential risk you may have with the real estate market. Buying a home is always a gamble, as you’re reliant on the market being good for your home to maintain its value. As a renter, this is not something you need to think about because you aren’t invested in owning the property!
- Change- Renting gives you the ability to change your environment much easier than buying a home. Whether you’re not a fan of your neighbors, don’t like the area you’re in, or you’re just looking for a change of scenery, renting gives you the leisure to make this change at the end of your lease. This is a great option if you’re looking to live in a new area and want to feel it out before deciding on the permanence of buying.
All in all, renting can be a great option for these reasons and more. The benefits of renting can make it very convenient for people in all different areas of life. Hopefully these advantages can make your decision more clear, that renting is a great alternative to purchasing a home!