For many, it is a dream to eventually own their own home.
But also for many, it is a dream that can seem a little out of reach and unrealistic. Also, buying a home and maintaining a home can come with a lot of responsibility, and not to mention many unforeseen costs.
Some would argue that for a majority of the population renting a home is actually the better decision, both financially and for overall happiness and well-being.
Here are a couple other reasons why renting a home is sometimes better than buying.
You have more options
When you buy a home you tie yourself into that real estate for years, and sometimes for the rest of your life.
Some people prefer more flexibility and options when choosing where to live, and renting provides those options.
When you rent a home you might be tied into your lease for a year or two, but after that, you can make a decision if you want to stay for longer or try somewhere new.
Also if any personal or professional opportunities come your way you don’t have to worry about a lengthy selling process.
More financially sound
Not everyone has the money to buy a home, and for many, it may also take years for that to happen.
But renting provides the opportunity to live in a home that you love without having to always be anxiously saving for buying a house, even though renting can provide that opportunity as well.
Also, depending on your financial status you can find a lot more rental opportunities in your price, and you can search for those options through services such as Rooftop Rentals.
No large maintenance costs
Other than the day to day normal home maintenance the nice thing about renting versus owning a home if you don’t have to worry about costly maintenance issues.
When you buy a home you may have to invest a lot of time and money to make sure everything is in tip-top shape, but when you rent, it already is or the landlord is the one who takes care of it. The risk of any injury lies solely on the owner, so you don’t have to worry about liability if an accident happens.
Not having to worry about that responsibility can be a big weight off of renter’s shoulders.
Upsize or downsize when you need to
Just like the flexibility to move to the destination where you want, renting provides the opportunity to live in the size of the house that you want or need.
If you feel like your family is growing and in need of more space, you can look for a bigger home to rent. If everyone has moved out and it’s just you and your significant other you can have the option to move into somewhere for just you two.
That is the beauty of renting versus buying; you really have the flexibility to decide where and how you want to live.