Renting or buying has been a debate for dozens of years now. People ask themselves, ask Google, and ask friends or neighbors: “Should I rent or buy a house?“. Although most of us wish someone could give us an easy answer to this question or take the burden of choosing off our shoulders- there’s no right answer for everyone. Still, renting has advantages that nobody discusses quite enough!
Someone To Do Repairs
Fixing up your home can be stressful. If a pipe bursts, and you have to pay for the repairs yourself, you could be looking at thousands of dollars lost. If you rent, whether it’s a home or apartment, the property manager will have to take care of things. This living situation means you’re off the hook for finding contractors and can rest easy as long as your landlord puts in the time to get these things fixed.
No Paying Property Tax
Property tax is a stressful time of the year for most homeowners. This tax takes thousands of dollars out of their pockets- with the average American paying almost three thousand dollars a year on it. The larger and more expensive your property- the more money you’re pouring into property taxes. Although it may seem like a small fee compared to thousands on rent a year- that’s on top of mortgage payments and homeowner’s association fees.
You Don’t Have To Sell To Move.
If you’re renting a home or apartment, you don’t have to sell to move! Although you don’t get a chunk of money back when you leave, you at least get to skip out on having to wait three to thirty months for your home to sell. This plan takes stress off many people’s shoulders and allows some people to travel the country and world more comfortably.
Not Chained To A Mortgage
There’s nothing wrong with a mortgage. They’re reliable, expensive, and often necessary. The unfortunate thing is when people sign onto these ten or thirty-year plans without having any real vision for how long that time is. Thirty years is a lot to agree to, and with the modern Millenial and Gen Z worker skipping between jobs every two to three years, a mortgage isn’t feasible.
Time To Improve Credit Score
If you eventually want to buy a home, but your credit score isn’t quite what you want it to be, you can remedy this by taking time off and renting. Wait until your score is higher, and you’ll be able to get a lower interest rate and more perks. If you jump on it too early, you could end up overpaying for a home.
A Sense of Community
Most apartment complexes are in heavily populated areas. The work it takes to meet new people and make friends in a new city can be too much for many to handle. By living in an apartment complex, you have built-in human contact. You have higher chances of making connections with your neighbors in passing or possibly becoming friends over time. This situation is more natural than trying to make friends at work.