Christine Huxtable & Associates' Blog
When you’re looking for a new place to live, it’s a valid question to ask whether you should rent or buy a property. After you take a good look at your finances, you may want to consider the following advantages to renting instead of buying:
Less On Your Shoulders
Once you buy a home, there's a lot of responsibility that you take on. Aside from a new type of financial burden, you’ll find that you have more to take care of with a home. If anything goes wrong in the house, it becomes your issue. Everything from broken locks to leaky toilets in your own home are something you must take care of. If you rent, it’s your landlord’s responsibility to fix those problems.
Whether you own or rent, you’ll need to pay a monthly fee to live on the property. The payment could be in the form of rent or a mortgage. Being without a mortgage, however, has its advantages. Renting means that you’re only responsible for the monthly rent and utilities. That’s it! Buying a home puts you instantly in debt- by a few hundred thousand dollars that is! You’ll also need to pay taxes, insurance, and keep some money aside for repair costs. Once you buy a home, buying just about anything else using credit can be difficult as well, not to mention a bit more costly due to higher interest rates.
No Need For A Lot Of Financing Paperwork
While you’ll need to fill out a rental application to rent a home or apartment, there’s very little involved. Buying a home, however, requires you to disclose your life story in order to get a mortgage. While you may be prepared to do that, some people don’t have the time or patience to wait to get approved for a mortgage. If you need to move quickly, keep this in mind.
When you’re renting a home or apartment, you’re free after the terms of the lease are up. You can move wherever you want once you have met the agreement. There’s no strings attached! The best part is that you don’t need to find a replacement tenant. It’s the job of your landlord or rental company. There’s no need to go through the stressful process of selling your home while you’re still trying to find a new one.
While buying a home gives you equity and a type of financial backing, renting can be advantageous for many reasons. This is especially true if you’re not planning on staying in an area for more than a few years. Being a tenant gives you the freedom to allow you to lead a more flexible lifestyle. When you’re considering your living options in a new city or town, think long and hard about your lifestyle. While buying a home may seem like the “responsible” thing to do, it’s not for everybody!