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The Advantages and Disadvantages to Home Renting
Buying your first home is a big commitment. In fact, it’s probably the biggest purchase your will ever make, and thus, it’s important to be financially stable and secure when you decide to make the purchase. While some people choose to buy their first home young, others are more comfortable renting home after home until they are 100 percent confident in the market and in their financial situation. So which is the better option?
That depends entirely on your situation. However, to get a better indication of what the best option is for you, take a look at the advantages and disadvantages to home renting. It may shed some light on the situation.
The Up Side to Home Renting
The best thing about renting a home is that you are not responsible for the renovations and upkeep. You are simply living there but, in most cases, you do not have to worry about plumbing, electricity, leaky roofs or poor paint jobs. In some instances, when you rent a home, you also do not have to worry about the bills.
However, this is up to your landlord to decide.
Some rental homes come completely furnished meaning you don’t even have to worry about purchasing furniture. You can simply set up camp and enjoy the lifestyle without worrying about house maintenance. For those who are just starting out or are not sure where the future will take them, renting is a perfect alternative to living in Mom and Dad’s basement.
Another great thing about renting is that you don’t have to worry about interest or problems in the economy. You have a monthly rental fee and certain bills but that’s it. Although your rental mortgage will most likely go up every year, you will not be affected by the rising interest or government taxes. You also have to freedom to pack up and go once your lease runs out. No commitments, no worries.
The Down Side to Home Renting
However, there are certain things you are clearly missing out on when you rent a home. For one, you do not have the freedom to do what you want to the house. You have to get permission from the owner to paint, to re-decorate, upgrade appliances and, in some cases, even to start a family. Many home renters also do not allow pets which might mean saying goodbye to your best friend.
There is no stability when it comes to renting. If the owner decides to sell the place, you don’t have a say. You have to leave unless you are willing to buy it. Although you do not feel the stress that comes with owning a house, you also don’t feel the sense of stability, security and pride that comes with owning a house.
For most people, when you rent, you are renting a house, but when you buy, you are buying a home and an investment on your future.