Why Renting is Better than Buying
When You Rent, it’s Simply Better
There are two main options when it comes to your living situation: buying or renting. The first thing most people do when weighing the value of renting versus owning is to compare the costs. Calculating payments is one reliable way of knowing the costs of both, since a calculator won’t lie to you. However, owning a house doesn’t end with that full blown payment. When you consider renting, you’ll see its advantages in factors other than the numeric value that a calculator shows you. Here are our top reasons why renting is better than buying:
How much do you have to spend?
It’s true that buying a house will make it entirely yours, but how much of what you spend for it goes back to you? Because buying is one of the biggest expenses, people usually engage in a mortgage (money-rental agreement) in order to buy a house. After the house is paid, you’ll then have to pay for the mortgage you used to pay the house. But now, you’d be doing so with its interest, which is your first loss and not your gain. And the continuous loss every month is when you pay soaring property taxes just to continue owning the house. On the contrary, when you rent, you don’t have these additional expenses.
Renting allows you to be flexible.
Renting Bonuses
One of the biggest advantages or renting an apartment over owning a house is the time and money you save by not having to worry about all the necessary tasks that go into maintaining a house, such as maintenance, plumbing, lawn, damages, interior decorating, etc. When you rent, everything’s under the care of the landlord, so you won’t have to experience the hassle and incur big expenses on fixing and decorating unlike when you buy a house. When you choose a good renting package, water can even be included. Several rentals even come with pools, gymnasiums, and other recreational facilities that you can enjoy without worrying about their maintenance. Now that’s what you call SAVING MONEY.
Risky Moving
When the possibility of moving comes, you’ll most likely have to sell your previous home to buy a new house to live in. Contrary to how much you bought your house, selling it involves a big loss. House prices can go down, which brings the huge risk that your house will be bought on a much cheaper price compared to how much you paid for it. When you rent, packing up your things and transporting them are your only worries. You won’t have to worry about your previous expenses on your old house and your huge loss due to the lower price when selling it.
You cannot bring your house to where your opportunity is.
Opportunities are everywhere, and may come to you at any time. One of the biggest dilemmas you’ll have is the need to move to where your opportunity is. When you live in a house it’s much harder to move around, making it more likely you’ll stick to your location and limit yourself to the opportunities in your place. You can commute, but you’ll have to add your transportation costs to your expenses. Unlike when you rent, you can move easier to another place and rent there, without worrying about your previous home. Renting an apartment allows you to be flexible.
You can’t forever bear your unpleasant environment and noisy neighborhood
A part of what you’re stuck in, along with the location of the house you bought, is of course the environment and neighborhood within that place. Do you have an unpleasant environment and noisy neighborhood? Unfortunately, you’ll have to bear with it since you can’t leave the house you bought just like that. It’d be costly and it’d be such a hassle. When you rent, it’s so easy to say goodbye to the bad landlord, unpleasant environment, and noisy neighborhood.
Emergencies and disasters are always a possibility.
Earthquake and flood insurance when you buy a house are really expensive. This makes several owners opt not to pay for the insurance and consequently risk their safety while hoping that disasters won’t occur. However, numerous emergencies and disasters are always possible to damage your home and your environment. That will be one of the most tragic things that will incur you big expenses, as you lose your house and be forced to move to another place. When you rent, it gives you fewer risks of losing money when disasters occur. Yes, this is unlikely, but you should always expect the unexpected.
Conclusion – Why Renting is Better than Buying
Finding a house you love is very hard, but to be able to actually purchase and have it as your home is a much more difficult task. Things are according to your preferences and sense of responsibility as the owner of the house. I’m not saying buying a house is a bad choice, but it requires a big sense of responsibility and certainty about settling in a location and in a house where everything’s convenient and comfortable for you. You put the biggest risk in owning a house.
In renting, you’ll have all the freedom and opportunity of living in a comfortable home and environment without having much risk in paying, fixing, and moving as much as homebuyers have. Renting makes living in your home a lighter and better choice for you. When you rent, living just simply gets better.
There are many factors you’ll have to consider when weighing the benefits of renting or buying a home. Your comfort, opportunities, and environment cannot be computed by mathematics. You yourself would have to weigh these factors when choosing between renting and buying a house because you are not only going to pay for a house but also live in a place where you should be comfortable with all of these factors. Failure to reasonably and practically weigh these factors against the cost could result in a miserable living situation. Our apartment search spreadsheet helps you weigh the monetary cost along with the comfort, practical, environmental factors at the same time.
Help find your perfect apartment by using our Apartment Search Spreadsheet to compare rental properties.
