Are you making plans to move in the near future? Whether it’s for an employment opportunity, a better school for our kid(s), to attend college or some other reason, most of us move at some point in our lifetimes. According to information from Mayflower Transit which appears on Reference.com, the average American moves twelve times during his or her lifetime.
All of this moving means that at any point in time, there are thousands upon thousands of people who are looking for a place they can call “home.” Whether it’s for a temporary or long-term stay, many are faced with the choice of renting or buying.
It’s true that homeownership offers certain unique benefits and thus continues to be the top choice for many people. On the other hand, renting a home has its own advantages and doing so may provide you with even better options.
The choice between renting and buying a home often comes down to personal preference and the length of time you plan to stay in the same location. If you are flexible, however, you certainly shouldn’t rule out renting a home.
Here are reasons to consider renting rather than buy your next home:
- Buying a home involves numerous upfront, closing and recurring costs – not to mention special costs for repairs, furnishing, improvements, and so on. Although renting also has its own share of upfront and recurring costs, they may be lower depending on your market and where you choose to live.
- As a renter, you won’t have to pay for costly home maintenance and repairs. These are handled by the landlord or superintendent.
- Renting is ideal when you have a job that requires frequent relocation. You won’t have to worry about the hassle of selling your home and taking a potential loss on your investment each time you have to pick up and move.
- Credit requirements are generally less stringent for renting a home versus buying one.
- Renters aren’t typically affected by the real estate market or any fluctuations in home values.
- With renting, you can “test out” an area without making a huge commitment. This is especially helpful if you’re moving to a city or town you’re unfamiliar with.
- Renting might be a better choice than buying a home if you’re faced with any major uncertainties in your life such as income, career, or future relationships.
Have you chosen to rent instead of buy a home in the past? Was the experience a positive one?
Related Resources
Money Crashers Renting vs. Buying a House – How to Make a Decision, Pros & Cons
Zillow Owning vs. Renting: What is the Right Decision for You?