Let’s face it, renting doesn’t hold the same curb appeal that buying a home does. However, renting does have a lot of benefits and perks that buying a home does not. For example, the deposit on a rental is going to be cheaper than a down payment on a house.
Here’s an article that goes into details on 9 of the most beneficial reasons renting is better than buying! Spoiler Alert: not all of them have to do with money!
Written by Laura Mueller
Posted by Movers.com
Renting has its own financial hurdles that you have to overcome, such as security deposits, first and last month’s rent at signing, and non-refundable application fees. But even added up those don’t compare to the steep requirement of a down payment and closing costs. And while your monthly rent might be a bit higher than a monthly mortgage cost, you don’t have to be concerned about fronting for things like property taxes and home repairs.
Buying a home is an investment, and investments carry risks. When you rent, you don’t have to worry about the market crashing and putting you under water on your home, or that a costly and unexpected home repair will wipe out your savings account. The biggest risk you take on with renting is usually just whether or not you’ll be happy with the place that you rented, and that’s a risk that most of us can afford to take.
One of the biggest benefits of renting vs. owning is definitely the freedom that it provides you. Want to pack up and move across the country? It’s a lot easier to break a lease than sell a house, and a lot quicker too. And even if you don’t cut out early, renting sets defined terms that you can base big living decisions around. A lot of people like knowing that if they end up with regret over their living situation and/or location they only have to put up with it for a year or so.
Property taxes are a major expense of home ownership, and can put an otherwise affordable home outside of a buyer’s price range. But when you’re renting vs. owning, you have no obligation in terms of paying the property taxes on your unit. Considering just how high property taxes run in some states, that’s a major burden off your back—and potentially a lot more money in your wallet every year.
[Click here to read 5 more reasons why renting is better!]
Not all the benefits have to do with cost, but it’s one of the biggest contributing factors. There are times you just want to know if there really is a big difference when making decisions that best fit your wallet.
MoneyCrashers.com wrote an entire article based on the financial pros and cons of buying your home and renting. They cover everything from upfront and closing costs, recurring costs, special or one-time costs along with the basic advantages and disadvantages of both!
Interested in renting in the North State? Check out our rental availability below now!