Renting vs. Buying has always been a debate over the years. Renting or buying a home is a big decision to make. There are a lot of things you need to consider before buying or renting a home. Both of them have pros and cons. And it is essential to think about it many times to avoid any disappointments.
Many people are thinking that renting is the best for them. They believe that renting comes down to what they can afford at the moment. But, is renting the best option for you? Let’s take a look at what renting a home can give to you.
Unlike buying a home, renting a home needs not that much paperwork. Renting a house will give you less hassle and work to do.
Freedom and Mobility
If you are going to rent a home, you are more mobile and free. It is because you are not the owner of the house. You have a choice to stay or to move, depending on your satisfaction.
Not Responsible for Maintenance and Repairs
Because you are just renting, it is not your responsibility to pay for the maintenance and repairs. The owner of the house will do it for you.
No Property Tax Bill
It is a responsibility for a homeowner to pay a property tax bill. And if you are o renting, you don’t need to worry about it at all.
High Renting Payment
As a renter, as usual, it is your responsibility to pay the rent. And it is easy for the landlord to raise the rent.
If you are going to rent, looking for your ideal home will be difficult. Your choices are limited, depending on vacancies.
Can’t Build an Equity
Renting a home is like loving a person you can’t have. Why? It is because you are going to pay and pay for something you can’t own. Thus, you are unable to build equity.
No Tax Benefits
It is good to think that you’re not obligated to pay a property tax bill because you are only renting. However, on the other hand, there is also a downside. Because you are not paying any tax, you are not covered for any tax benefits.
- So, should I rent?
The bottom line is to choose what’s right for you. It will always depend on your situation. If you want to be flexible, renting is your best option. Moving to an unfamiliar city? Do you have an unstable job situation? Are you still searching for something? Renting maybe your best option.