One of the primary goals that many people have is to buy a property or a house so that they have something to call their own. While many people today in the country have fulfilled this goal, it is not that easy for everyone. Purchasing your own home is a huge investment; in fact, it could be one of the biggest investments you could make in your lifetime. The good thing is that there are other options for everyone to have a decent home where their families can live and that is by renting. Renting and buying a house both have pros and cons, but in times when the economy is poor, renting could be the better option.
Here are the other reasons why it is better to rent than buy a house.
1. You don’t have to pay for the maintenance or repair costs
One of the definite advantages that most renters have is the fact that they do not have to pay for the monthly costs of the maintenance and repair because these things are being taken care of the landlords. If anything in the house or apartment you are renting needs fixing, your landlord is the one responsible to make sure that this is addressed. Because of this, your budget is more predictable and you will only have to focus on the rent to pay every month. On the other hand, if you have your own house, you will have to be the one to pay for all the expenses related to renovation and maintenance and these things can be quite expensive most of the time.
2. You have plenty of time to save up for the down payment
If you opt to rent a townhouse or an apartment, you will still be hunting for several choices in various locations before you make the final decision. And while you are looking, you will have enough time for you to save up for the down payment especially when the townhouse you have selected is a bit of a luxurious one. However, the down payment for renting a house is still relatively cheaper compared to the down payment you will have to pay for if you purchase a house. So if you are ready with your money, you can move in right away to your new home.
3. You can be flexible
When you rent instead of buy, you can be flexible with the location and this is going to be perfect if for example, your job requires you to move in from a place to another; or you and your spouse have not decided where you will settle long term just yet. As a renter, you have the opportunity to move whenever and wherever you want to.
4. You have less responsibilities
One nice thing about renting a house is that you have less things to think about and less responsibilities to attend to. For example, the lawn and the repairs are not something that you will have to do. You can just leave for a couple of days without having to worry if no one is going to be watching the house.
5. You have free access to amenities
There are many luxurious apartments and townhouses for rent which offer free access to amenities such as swimming pools or fitness center. These things are going to be expensive if you want to have them in your own house, and you will also have to worry about the maintenance. Even condo owners will have to pay for the monthly fees to cover for these amenities.
Having your own house offers many good benefits for a long period to its homeowners, but renting can also be a better option for many people. While the decision whether to rent or buy is your own personal choice, it is always best to review the facts before making a hasty decision.