To rent or buy? It’s a pretty controversial topic with no simple answer, but buying isn’t always better than renting. Here are 12 reasons why renting might be the better option for you…
1. No maintenance costs or repair bills
When you rent a property, your landlord is usually responsible for all maintenance and repair costs, ensuring you’re not financially responsibile for getting these things fixed.
2. No large down-payment
A house with a mortgage requires a sizable down payment compared to the usual deposit for renting a property.
3. There’s a fixed rent amount
Rent amounts are certain for the span of the lease agreement, making it easier to budget your money so you know exactly how much you’re required to pay.
4. You can keep things flexible
If you’re renting a property you have the flexibility to move around if something changes in your life or outlook, whereas if you buy a house you are usually tied down to living in that location for at least a few years.
5. You have the options for housemates
Housemates are many things, from being someone to split the bills with to potentially becoming some of the best friendships you may ever have.
6. Invest money on your own terms
By choosing not to buy a home, for the moment at least, opens up other possibilities for saving and investing so you can choose exactly where your hard-earned money is going.
7. Generally lower utility costs
Rental properties typically have a more compact and energy efficient, therefore renters can often expect to face lower utility costs.
8. Enjoy being mortgage-free
By renting you can put away savings as much as a homeowner, or more, but without the debt that comes along with owning a property.
9. Urban living at a cheaper price
Depending on where you want to live, trendy areas, such as major cities, and beach communities, are typically more renter friendly.
10. Decreasing property value
Property values go up and down over the years depending on the area you live, and, while this may affect homeowners in a big way, it affects renters substantially less so, if at all.
11. Save yourself from costly updates
As a renter, there is freedom in knowing you couldn’t renovate your home even if you wanted to, another way of saving money.
12. Insurance is cheaper
Renter’s insurance is significantly cheaper than the insurance home owners have to pay.