Home is where the heart is, but sometimes that heart needs to rent.
Buying a home is one of the biggest decisions a person makes in their lifetime.
It takes a lot of saving, thinking, and hard work.
It also usually means putting down pretty deep roots, because most people don’t buy a house for the short term, it’s usually for the long-haul.
One of the best loopholes in the housing system, however, is renting a home.
It gives you all the practice of buying, without making the long-term commitment or large costs.
So what’s the drawback of buying when you can just rent?
Here are the top five reasons you should think about renting a home versus buying one.
- If you have to relocate, it’s ok
Let’s face it, in today’s economy stable job opportunities can be a little difficult to come by.
In order to really get the job you want it usually requires a lot of flexibility and the ability to go wherever the job may be.
Renting a home provides the opportunity to leave when needed and a lot quicker because you don’t have to worry about selling your home, which would require hiring a realtor, putting it on the market, waiting for a buyer, etc.
Renting is a great option for someone who needs to be available to move, but still wants a home for their family in the meanwhile.
2. You can save money
Let’s face it, the end goal is to eventually own a house, but for most people it can take quite a bit of time to be ready to do that.
Because you don’t have to worry about certain costs such as property tax, homeowners insurance, and usually utilities, the monthly costs are less than the monthly costs of homeowners.
Renting is a great way to save a little bit of money each month to put towards your future home.
3. You can find what you need quicker
If you can’t afford to take the time to look for and wait to buy a house, renting is a great alternative as well.
If you were to move into say, Idaho Falls, Idaho and you searched “homes for rent Idaho Falls” there would probably quite a few results that popped up, and there would be no escrow period to wait for and most would be ready to be moved into.
It’s sometimes nice to have the ability to be a little bit pickier, and really move where you want to move, and if you end up not liking it, you have the option to move and try it all again with little cost to you.
4. Don’t have to worry about repairs
When a house is yours and there is a problem with the house, you are the one that has to deal with it. When you are renting and there’s a problem with the house, it’s your landlord’s problem.
If you are not ready to commit to worrying about leaking roofs or front lawns that need replacing, then renting is probably for you.
If any of those problems occur you wouldn’t have to worry about calling an electrician or plumber, you just have to ask your landlord.
5. The market won’t affect you
The real estate market can be unstable, as we have seen in the last decade.
Home prices can go up, but they can also go down. For many homeowners, the real estate market can affect them and their house.
While renting, although you will probably want to keep an eye on the market for your own knowledge and future, the market will have no direct effect on you.
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