It can be hard to decide what you should do, as there are positives and negatives of both renting and buying your next home. Next week we will discuss positives or buying your next home, but today we will be talking about the positives of renting.
Gen Y Finances: 2017 could be most successful year in your life!
Here are positives of renting your next home instead of buying:
Maintenance is not your problem.
No, you should never trash a rental home just because you don’t own it. However, regular maintenance is usually not the renters problem.
You won’t have to deal with if the furnace finally breaks because it’s so old, you won’t have to worry about replacing pipes, something breaking (out of your control of course), and so on.
Maintenance costs can add up quickly when you own a home. However, as a renter, that burden is shifted to the landlord, and not you.
Renting may be good if you are new to the area.
If you are new to an area, then renting may be your best bet so that you can see where you want to live. You can always rely on a realtor, but if you live in an area first then you will usually truly know what neighborhood or suburb is for you.
Renting may be good if you don’t want to stay in the area for a long time.
If you know that you don’t want to live somewhere for long, then renting is probably your best bet. Usually, the statistic is if you live somewhere for less than five years, then renting is better because there are many upfront costs with buying that you may not be able to recoup.
Reasons for why you may not want to stay in the area for long may be because you are unsure about your job, you want to travel, you want to try a new city, and so on.
There may be no homes to buy.
This may be the case in many expensive cities. Renting may be your only option, and renting will allow you to live somewhere that you want.
What other positives of renting your next home can you think about?