The goal for most people is to eventually own their own home. No one is denying that. But when people say “you’re just throwing money away when you rent”, in most cases just isn’t true. To be a homeowner, things need to be aligned and stable financially.
For some individuals, that’s easier said than done, which would makes renting the smarter choice. Owning a home comes with additional fees that people need to consider. When you rent, those costs and expenses aren’t an issue. In this blog, we’ll discuss some of the fees associated with owning and why renting is the best housing solution for many people.
Maintaining a home is a major responsibility. If you’ve rented for a long time, the amount of time and money that is spent on home maintenance might catch you off guard once you’re an owner.
- Air conditioning unit
- Garage door
- Pest control
These are all things that are included in your monthly rental fee. For example, if the dishwasher won’t turn on and you’re not the handiest of people, just put in a maintenance request and that’s the end of it. But when you own your home it’s officially your responsibility to deal with billing and any financial surprises attached.
Say you find your new dream job halfway across the country; it’s far easier to pick up and move when you’re renting compared to owning. Variables such as the housing market can keep you tied to your current location for a while, if you own a home.
Cities are epicenter of economic growth right now. Proving to be more convenient for renters looking live closer to shops, restaurants and offices.
Renting is a very popular housing option among millennials. Since many millennials have recently graduated from college, they are loaded down with student loan debt for the time being. The thought of being tied to a 15-30 year mortgage payment, in addition to their current financial state, is absolutely terrifying. With approximately 70% of college students graduating with some form of student loan debt, adding another loan to that is unappealing.
Reed Property Management
While purchasing a home can be a very solid investment for the right people, it all comes down to your financial situation. If you don’t think you’re ready to buy a home, don’t get suckered into it, renting offers many benefits from both a convenience and financial standpoint. It allows you to save money and get your ducks in a row, so when you’re ready to buy a home, it’s an enjoyable experience you’ll never forget.
If you’re looking for a rental home in Southwest Florida, contact Reed Property Management!
Source: Rentec Direct