Why Renting A Home May Be More Beneficial Than Buying One

While the collective wisdom in the real estate market is that everyone who can buy property should, a handful of experts are claiming exactly the opposite: that renting is actually much smarter than buying.

Could this be true?

To the surprise of many consumers, the simple answer is yes!

Here’s everything you need to know.

5 Great Things About Renting

While buying offers benefits like the development of equity, the following perks make renting a smarter choice for many:

1. Renting means less yardwork and more free time

In many rental environments, yardwork is either non-existent (in the instance of apartments with patios or balconies) or managed by a landlord. This alleviates a significant portion of responsibility from the renter and allows more free time.

What’s more, having someone else manage yardwork ensures beautiful landscaping and a pleasant external view at all times.

2. Renting allows access to more desirable neighborhoods

For some people, purchasing a home in a highly desirable area is financially impossible. For those same individuals, however, renting in these regions may be much more achievable. This means that even renters who don’t have the cash to purchase a home in a great neighborhood can still enjoy all the benefits of living in such an in-demand area.

3. Home improvement costs are decreased or waived

When you rent, you’re not responsible for doing things like fixing a broken door knob or replacing a washer that’s gone on the fritz. This is ideal for cash-strapped individuals, or those who prefer to focus their funds on things like travel and retirement rather than home repairs.

4. Renting makes upsizing or downsizing easier

As your family grows or shrinks with the addition of children or the sudden realization of an empty nest, renting makes it easy to alter your housing situation accordingly. Need more space? Simply look for a bigger place when your lease ends. Want a cozier abode? Finding one in your neighborhood of choice is easy.

While owning a home offers the benefit of customization and long-term memories, renting a home offers incredible flexibility that most people enjoy immensely.

5. Renting a home offers more opportunities for investment

Home ownership is expensive and, although most experts agree that purchasing property is a great investment, people who choose to rent rather than own have investment opportunities that may be closed-off to their home owning counterparts.

When your savings account isn’t being eaten up by a costly down payment, it’s easy to put those funds into retirement accounts, invest them in stocks and bonds, or even start a business on your own terms.

Renting – A Smart Option for Many Individuals

While home ownership offers many benefits, renting a home is a great way to save money, time, and effort while also shucking many of the responsibilities associated with being a homeowner. While this option isn’t right for everyone, it is something that many people choose out of preference rather than necessity.