Owning a home is that over-arching goal for most young people once they enter the workforce and live independently. It’s a sign of success and maturity, a cause for celebration, and a step that comes with many benefits (increased equity, tax benefits and a sense of stability and community).
But for those who haven’t quite hit that stage, there are a great many perks to renting that shouldn’t be overlooked. Hey, some even prefer it! Read on for the top eight reasons to rent versus own.
1. It’s Cheaper: Your mortgage payment will never be as low as your monthly rent, so enjoy it while you can (and save those extra dollars).
2. Utilities Included: It’s common to find rentals that include the utilities in the rental price. You’re still paying (it’s factored into the rent) but you won’t have to experience the dread of bills arriving in your mailbox.
3. Live the High Life: The cost of renting a gorgeous condo or home is usually a lot less than buying it. It’s not uncommon to go from renting a beautiful apartment to living in a smaller, older home.
4. Quick Exits: Want to move out? The worst case scenario is waiting out your lease, but after that, you can wipe your hands of the home and be done with it. You won’t have the stress of selling a home and watching it sit on the market.
5. Easy Upkeep: Ask most renters and they’ll tell you they haven’t touched a lawnmower or snow shovel in years.
6. Property Perks: Most apartment buildings come with gyms and pools, so you can say bye bye to those pricey gym memberships. How’s that for a sweet perk?
7. Landlords On Call: Consider the costs saved on buying and fixing appliances. When anything goes wrong, all it takes is a quick call to the landlord to be fixed.
8. No Taxes: Property taxes and home owner’s insurance can take a huge bite out of your bank account. Consider that money saved in a rental.
Do you own your home or are you a renter? What do you prefer?