Are you confused about whether you should rent or buy a home? Don’t worry; we’ve got you covered! Just like you, several people are contemplating whether they should continuously live on rent. And then on the flip side, there are others who are overwhelmed by the thought of spending their long-term savings on buying their first home.
There is no denying that buying a home is a great investment. But, this is not for everybody! It ultimately depends on individual preferences, priorities, and present life scenarios. So, if the thought of renting a home has been at the back of your mind, then this article might just give you a nudge in the right direction! Well, at least that’s the aim!
Say bye-bye to down payment:
One of the best things about renting a house instead of buying one is that you never have to pay a down payment. A down payment is typically a percentage of the total cost of your home, which you have to pay in advance, preferably in cash. Other than that, you also have to pay for settlement fees and pay the broker if there are any.
But when it comes to renting a house, you only have to pay a small security deposit that’s equal to about a single month’s rent. Also, you’ll get back the security money on moving out, provided you didn’t damage the house.
Hello to more money and savings:
If you’re planning to buy a home, know that it is not a one-time investment. You should consider both initial and ongoing expenses once you move in. That includes property taxes, maintenance fees, mortgage payments, landscaping, insurance, and so on. Additionally, you have to pay utility bills, repair bills, etc. The whole point is that you’re the sole caretaker of your home, and you’ll have to access your wallet for every expense.
In contrast, rental property is under the care of a landlord. Hence, in case of roof leakage, pipe problems, appliance repair, etc., all you have to do is call the landlord and have them fix the problem. This way, you can save a lot of money and either spend it on things you love or save it for the rainy days.
Move places as many times as you like:
Buying a house is a commitment. It’s not every day you go out and buy a house in different parts of the city. Hence, once you buy a house and move in, you are settled in a particular location for the rest of your life (most probably). This is not the case with renting!
As a renter, you can live anywhere you want to. Don’t like the locality of your present house? Go out there and explore some other neighborhoods! Also, moving into a new rental property is less time-consuming and less-hectic.
Great amenities available:
By renting homes, you may get to enjoy some luxurious amenities that only wealthy people can afford in their homes. These include pools, backyards, playground, gym, spas, etc.
Renting a house comes with tons of advantages that you may not get after investing in a house. The above-mentioned reasons are just a few among the many! Added benefits of renting a home instead of buying include hassle-free moving, low utility costs, fixed monthly rent amount, low insurance costs, convenience, etc.