Buying a home has always somehow been a default goal for most people. Finishing college, getting a job, and acquiring property, ideally getting married somewhere in between as well. However, the new generations are buying homes much less than before.
Obviously, this is largely due to lower incomes and higher real estate prices, but this discrepancy is not the only reason. Additionally, renting a place to live doesn’t necessarily mean failure. With professional and experienced property managers, renting a home may be a really good solution in this modern world. Here are some advantages of renting, instead of buying a home.
You Are More Flexible
Once you buy a house, you are not likely to move any time soon, which is not bad in itself, but it closes, or at least makes some changes much more difficult. For instance, if you are renting a place, you can easily move to a different part of the country in case you get a great job, while this is way more difficult, not to say virtually impossible if you own the place. The same goes if you meet the person of your life who lives across the country. So if you have not settled completely and given up on changes for a while, renting is a much better and easier option.
Selling a House Is Not So Easy
Maybe you still haven’t bought one, and we are already talking about selling your house. However, this is something you need to have in mind when investing in real estate. When buying a home, it is often difficult to predict in which direction the value of the place is going to move, whether it will keep its worth in the future, or it will become virtually impossible to sell due to various economic and social factors.
Of course, sometimes you need to take the risk, but be aware this is really a big step. Make sure you are ready to settle in that one place and that it meets all your current and potential future needs for a while. Otherwise, it is better to wait a little and rent for some time. Many people say paying rent is pointless and you should invest in your own property, which does make sense, but only if you make sure you can eventually sell that place for a decent price.
It Is Less Expensive
To be honest, this is not the general truth and it can depend on the region where you live. For instance, this is most definitely true for cities like Seattle and San Francisco, whereas in some other places buying a home can be more affordable. Before making your final decision, check the situation in your area. Just keep in mind that renting is not necessarily by default the more expensive option, even when you include all the additional costs.
Maintenance Can Be Expensive
As a renter, if something breaks down in your home, your responsibility is to report it to your landlord or property manager. It is their responsibility to fix the problem and do it in a timely manner. Check your lease, it’s right there. The property managers have insurance which covers all kinds of problems, and the property belongs to them, so you can be sure they will resolve the problem quickly.
However, as a homeowner, the sole responsibility for maintenance and breaks is on you. You too can get insurance, as well as you should. Just keep in mind that it is another extra expenditure that comes with the privilege of owning a home.
Whether you want to buy a property or just lease it is entirely up to you. However, before you make your final decision, it pays to have all the facts. Consulting a financial advisor might also be a good idea. Ultimately, however, the most important thing is for you to be satisfied with your decision and life.