3 Reasons Why Renting Might Be Preferable To Owning A Home
Whether you're deciding on living with a few roommates in a nice big house, or renting a studio apartment on your lonesome, you might find that renting a home is significantly cheaper than owning a house or purchasing a condo. Throughout the course of this brief article, you will learn of a few reasons that renting might be preferable for you over owning a home.
Additional Costs
It may seem as if owning a home means that there aren't any monthly fees involved as there would be if you had decided to rent. This is simply not the case. Take into consideration the many factors involved in paying off a home against those involved in paying a monthly rent. The latter simply dictates that you pay a monthly fee to your landlord. Owning a home involves multiple fees, however. Consider that you will be paying a mortgage, home insurance, property taxes, as well as the fees associated with repairs and maintenance that a landlord would cover if you decided to rent a place.
Flexibility
You have a certain flexibility when it comes to renting a home. No, you are not able to make structural changes to the property or paint the walls without your landlord's permission, but you are able to leave virtually whenever you want. There are many leases that only last a year (or sometimes less) and afterwards you are free to move where you wish. Purchasing a house requires a much more rigid commitment. Many people purchase a home under the assumption that they will be living there for the rest of their days, or, at the very least, a long amount of time.
Responsibility Issues
Taking care of a home that you have purchased on your own can be a difficult task. Keep in consideration that you will have to perform all of the maintenance and make repairs on the home on your own or pay out of pocket in order for a professional to perform said repairs and maintenance. When you rent, your landlord is responsible for this matter due to the fact that they own the property. As a renter, you won't have to worry about roof repairs, leaky faucets, and, often times, lawn care. These facets of home care are the responsibility of the landlord. This brief guide should have given you just a few ideas why renting might be a better option for you than purchasing a home or buying into a condo.
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