Homeownership is considered one of the criteria one needs to fulfill to live the American Dream. A survey recently suggested that the majority of prospective first time buyers want to purchase a home because they consider it necessary to lead a good life and improve their social status. Despite that, ‘whether to buy or rent’ has been a chicken-and-egg question in the real estate world for centuries.
It may be confusing to determine which way to go, but frankly speaking, what is right for you depends on your individual circumstances. Homeownership may be a dream for you, but may not a right choice in some cases. If you are a renter and finding it difficult to fulfill your homeownership dream, don’t get disheartened. We hear benefits of homeownership every now and then; here are some great advantages of renting:
You will be spoilt for choice
There is no doubt about the fact that as a renter, you will have more choices as to where you want to live. You can set your budget and then start looking for a rental that suits your lifestyle. If you want to live near a beach, buying a home may be unaffordable, but renting one may be not. So as a renter, you have the freedom of enjoying your life without getting stuck in a place that you don’t like.
You can move easily
You may think that you will live in a place forever, but the reality is life plans can change anytime. Marriage, kids, change in job are some of the circumstances which can throw you off guard and force you to move to a new place. As a renter, you will find moving extremely easy. Contrary to that, if you own a home, you will have to worry about a lot of things liking finding a buyer for your existing home, buying a new one or whether you’ll lose money on the sale.
Renting is cheaper in most cases
When buying a home, you will ideally need to put 20% of the sales price down. It’s a huge amount. Besides, you will have to look after the property’s upkeep and bear other costs related to homeownership like property taxes, assessments. As a renter, you don’t have to worry about any of them. All you do is pay the monthly rent and utility bills. Even large repairs are handled by the landlord.
You enjoy the amenities without worrying about maintenance
In order to make their rentals appealing, landlords offer a wide range of amenities including pool, playgrounds, private parking, free gym, free Wi-Fi etc. As a renter, you enjoy these amenities free of cost, and that too without worrying about their maintenance. If you try to have the same amenities after buying a home, it can prove to be very expensive.
Lots of opportunities to socialize
Living in an apartment complex comes with a great advantage: you get to meet new people at the pool, the on-site gym or around the grounds. Many property management companies also encourage tenants to socialize by organizing get-together parties occasionally.