Owning your own home is a dream shared by many. Unfortunately, the journey to achieving that dream often comes with a few setbacks. Many would-be homeowners find it necessary to rent instead of own for a while for any number of reasons. Fortunately, renting a home comes with its own set of pros that can make it a better option than buying for some.
If your lifestyle involves a lot of traveling or if you tend to move around a lot, owning a home may not work as well for you as renting one. There’s no way to tell how long a home will take to sell when you need to move, which can make finances tough if you end up closing on a new home before selling your old one. For renters, on the other hand, you can move as soon as your lease is up. If you want to move earlier, you may need to get someone to buy the lease from you. Keep open communication with your landlord. They may be able to give you some guidance on how best to do that.
Depending on where you live, the ongoing costs of owning a home can be prohibitively expensive, to say nothing of the large amount of upfront cash required for a down payment. Renting a home often comes with its own equivalent of a down payment in the form of a deposit, but you can expect it to be much less than the down payment of a home. The details of what you’re responsible for should be outlined in your lease. You can expect that you won’t have to pay for homeowners insurance, but that doesn’t mean you don’t have to carry insurance at all. Some places require you to buy a renters’ insurance policy. Read your lease carefully so you understand your responsibilities.
Maintenance typically isn’t your responsibility as a renter. Not only do you not usually have to pay for it, but you also shouldn’t need to find someone to complete the repairs or do them yourself. If maintenance problems arise, be sure to communicate that as soon as possible to your landlord. Landlords have certain responsibilities toward their tenants, and keeping in touch with them can help them do that better.
Despite homeownership being promoted as an important milestone, after renting for a while you may find you prefer it. Being a renter comes with a greater degree of flexibility and freedom, often lower costs, and less maintenance. Deciding how you want to handle your living situation is a big deal, so be sure to consider all the pros and cons before settling on your choice.
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