Renting Provides Flexibility
Many renters cite flexibility as a top reason for their choice to forgo a permanent purchase. Maybe you’re in the beginning of your career and know your field may take you elsewhere down the road; renting helps you avoid laying down too-permanent roots. Perhaps you are just starting your family; if you have another baby, then another, then two more, your three-bedroom house just isn’t going to cut it anymore, but you’ll find yourself locked into a mortgage. Renting allows you the opportunity to move as your family requires. If you’re looking for flexible living arrangements, renting is your best bet.You Don’t Have the Capital
The upfront cost of buying a home is high, and even with the current housing market offering homes for decent prices, you may find it near impossible to come up with 20 percent down payment on the property of your choice. Since the recession, banks have tightened the reins on loans, and if you don’t have an excellent credit score and income-to-debt ratio, you may have to kiss your dreams of homeownership goodbye. Depending on where you love, purchasing a home might not even be in the realm of possibility; whether you reside in a populous city like New York or you’re on the west coast in Los Angeles, you may find that buying a home just isn’t feasible in today’s market. Cue renting; with one check each month, your living space is taken care of—no property taxes, no depreciation concerns.
Fun Features
Landlords have long been implementing special amenities to attract better tenants (and of course charge higher rent rates). This can work in your favor if you’re looking for specific features. Whether it be an in-building gym, trash valet service, barbecue area, or hot tub, there’s plenty of amenities to be gleaned from rental properties.You Want Diminished Responsibility
Owning a home means taking on a host of responsibilities. You’ll be required to handle any maintenance and upkeep issues, or pay for professional services if you don’t have the skills or time (or desire) to do it yourself. Whether it be mowing the lawn or unclogging the toilet, replacing a shoddy door or repaving the driveway, you’ll be saddled with a lifetime of tasks in order to keep your home looking its best and retain its value. Renters have few responsibilities; besides paying for any outlandish damages, once you sign a lease your landlord is generally legally required to create a habitable home in exchange for your on-time payments. Any repair or maintenance issues can be taken up with your landlord or property management company in charge of your home or apartment, and many states have stipulations that require immediate repair.
The Downsides to Renting
Scams have become more common in the renting world; because the rental market has become more competitive, there’s been a resulting desperation for housing. Wily scam artists have recognized this as an opportunity, and you’ll often hear of fake listings that ask applicants to wire money to be considered. There are a few ways to avoid these risks however. Never, under any circumstances, pay an application fee or provide personal information without meeting the landlord and seeing the place in person. Another red flag? Generally, landlords will require tenant background checks; if they don’t, generally you should run in the other direction. While there are always risks, so long as you listen to your intuition and use certified listing websites, you should be generally well protected.If you’re deciding between buying a home and renting a property, keep these facets in mind and make the decision that’s best for you.
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