Ten Amazing Reasons to Rent
Should I rent or Buy? Decisions…. Decisions….
There are a lot of myths around, however renting does not mean you are throwing money away, in the same way that buying a home isn’t always the right decision at certain times in your life.
Here is a list of 10 reasons why renting might just be the better option for you.
1. No maintenance costs or repair bills
When renting a property, your landlord is usually responsible for all maintenance and repair costs, ensuring you don’t have the financial responsibility to get these things fixed.
2. No large down-payment
Renters have the better financial deal upon signing as a house with a mortgage requires a sizable down payment compared to the usual deposit for renting a property.
3. There’s a fixed rent amount
Rent amounts are certain for the span of the lease agreement – so long as it’s a fixed-term contract – making it easier to budget your money so you know exactly how much you’re required to pay.
4. You can keep things flexible!
When you buy a house you are tied down to living in that location for at least a few years usually, whereas if you’re renting a property you have the flexibility to move around if something changes in your life or outlook.
5. You have the options for housemates
Housemates are many things – from being someone to split the bills with to potentially becoming some of the best friendships you may ever have.
6. Invest money on your own terms
Choosing not to buy a home – at least for the moment – opens up other possibilities for saving and investing so you can choose exactly where your hard-earned money is going.
7. Generally lower utility costs
Rental properties typically have a more compact floor plan, therefore renters can either pay lower utilities or often have it absorbed into their rental costs.
8. Urban living at a cheaper price
Depending on where you want to live, trendy areas, such as major cities, and inner cities are typically more renter friendly.
9. Excuse yourself from costly updates
As a renter, there is freedom in knowing you do not have to remodel your home, so this a way of saving money.
10. Insurance is cheaper
Renter’s insurance is significantly cheaper than the insurance home owners have to pay making it a great way to save money.
