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For many people, finding and buying the perfect home with a perfect white picket fence is the ultimate dream. What many don’t realize is how much responsibility this perfect home comes with. In this day and age, renting is becoming more and more popular, and for good reason. Here are our top five reasons we believe renting is better than buying.
1. Minimize Responsibility
When you own a home, many responsibilities fall on your shoulders, particularly maintenance and repairs. When you rent, it is your duty to report any issues and maintain your own living space, but the landlord/homeowner is responsible for taking care of any routine or surprise repairs, as well as maintaining the property and shared spaces. The best part? None of those major costs will be coming out of your pocket. Less worry and less responsibility, nothing wrong with that!
2. Expand Your Social Circle
By moving into an apartment complex, you are surrounding yourself with a ton of potential new friends. Not only that, but most apartment complexes are located within close proximity to local bars, restaurants, and cultural attractions. By attending community events and taking part in building activities, you’ll soon find yourself immersed in new social circles. When buying a home you will certainly gain new neighbors, but living in an apartment building will afford many opportunities to meet someone new!
3. Keep Your Options Open
One of the best parts of renting is the flexibility it affords you. You are not tied down to a home and mortgage payments; you sign a lease for X amount of months, and figure out what is next when the time comes. This is convenient for anyone who likes to experience new cities, or if your job situation is unstable. Having the ability to easily move out in the foreseeable future makes living in an apartment a great option.
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4. Limit Your Living Expenses
Buying a home comes with many unexpected costs and a lot of people aren’t financially ready and able to make that commitment. Renting allows you to live comfortably while saving up money until you can afford buying. After a while, you may realize you never want to buy!
5. Improve Your Credit
Though it is not a major factor, paying your rent on time month after month helps to build good credit for when you do decide to buy a home. If you do plan to buy but aren’t quite ready, renting can also help form good financial habits.
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