While it’s true that the American dream is home ownership as the ultimate benchmark of success it’s not true for everyone, maybe not even most. There are many times circumstances dictate that it makes more sense to rent your home than to buy it. When does it is renting a better option?
Renting Benefits Especially in today’s send hot housing market renting guarantees:
Freedom: With the rise and fall of the housing market, you might find yourself unable to selling house. As a renter, you can always send in your 30-day notice, pack your bags and move on.
Flexibility: Lease terms usually run no longer than 6 months to 1 year while mortgages lock you down for 15 to 30 years.
Affordability: Buying a house takes a lot of upfront cash cash while renting only requires a minimal deposit and first month’s rent.
No Surprise Expenses: As a home owner you are responsible for all maintenance and repairs to the property. Even when you sell my home the buyers will generally request that you make repairs. As a renter, your landlord covers those things.
No Property Taxes and Insurance Payment: Property taxes and insurance costs on a home you own can add up fast. They can run from many hundreds to thousands of dollars every year.
Ask yourself these questions:
- Do I need flexibility, is there any chance I nay have to move soon?
- Do I need the freedom to easily move?
- Do I want to be smart and test out an area first before buying a home there?
- Do I want to save money for something else?
- Do I want to be responsible for the home repairs and maintenance?
- Do I want to pay the property taxes and insurance?
Finding the perfect rental home can be a nightmare, endless searching and hoping you’ve found the right place, only to discover that it’s the size of a closet or next to a graveyard or missing an HVAC syatem or comes with unfair rental terms.
This article is about houses but if you need to selling land stay tune for some valuable information.