When it comes to renting and buying, there are pros and cons to both.
As the world becomes more millennial every day, the consensus seems to be moving away from traditional home ownership. In the 1950s there was a big push towards having a nuclear family, going to college, getting a 9-5 job, and buying a home. As people are adopting non-traditional lifestyles, all of those ideals are going out the window, and there are no longer any steadfast rules for the right way to live.
This creates an interesting dynamic in real estate, which we have seen come into play with the tiny home craze, mobile lifestyles, and off-the-grid living. The age-old question that remains throughout all this though, is whether it is better to rent or buy. The answer is, that there are pros and cons to both. However, for the sake of this article, we are going to focus on the pros of renting, over buying.
READ MORE: Is Not Owning a Home a Millennial Mistake?
Mortgages, in most cases are lifetime debts. If you pay them off, your home can be a great investment, but renting can allow you to save money too, without the attached strings and associated costs.
Rentals typically have superintendents, or handymen on-site. If something breaks in a rental, you are off the hook for fixing it, which is a money-saver on it’s own.
Freedom is something we value greatly in this country, and renting a place allows you to change your mind every few years, if your lifestyle changes, your income increases or decreases, or you decide to up and move to Costa Rica on a whim.
Yardwork is terrible, and nobody wants to do it. Chances are if you are renting, the management company will handle the upkeep so you can have your weekends to yourself.
Property values go up and down, but if you rent, they won’t adversely affect your bottom line. You can always negotiate your rent every year, but if you are upside-down on a mortgage, the path out is a lot rockier and more difficult to climb.[ img via ]