2025: The Year We Replace Buying With RENTING

Home ownership is quite a significant component of the American Dream. As soon as you get married, people might start to ask you when you will buy a new one, the same unrealistic, at times inappropriate question as when you’re going to have the next baby.

Well, this time around you can amaze and delight by telling them you will never buy a house and will only rent instead. Even if many people believe paying rent is equal to flushing money down the toilet, it still has its advantages. As a matter of fact, for many people, it’s the better choice. Here are some of the most important reasons why renting might be better than owning.

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No down payment needed

Buying a house generally means you need to cough up at times tens of thousands of dollars upfront. In the meantime, if you rent, all you need is to come up with the first month’s rent and a security deposit. People usually complain about having to come up with that, as well, but less money is still less money.

Maintenance is now someone else’s issue

If your roof is leaking or your refrigerator is broken, it’s not your problem. After all, you are renting! You only need to call the landlord, who must leverage his own expertise to fix the issue, to say nothing of his own money.

You can move anytime you want

Renting gives you enough flexibility, the kind of flexibility that isn’t so attainable when you own your own home. If you hate your neighbors or get a new job across the country, things are different now. You can simply leave when your lease is up, or better yet, just break it. Your landlord will also get to raise the rent when you move out, so they definitely won’t mind.

No property taxes

It’s safe to say that one of the most painful indignities suffered by homeowners is the well-known property tax. If you are a homeowner, you need to pay it every single year, along with many other taxes. In the meantime, if you simply rent, property tax won’t cost you one single penny.

Cheaper insurance

Well, not every renter gets insurance to cover their dwelling. However, those who do are constantly delighted to find that renter’s insurance can have one of the lowest monthly costs, sometimes as little as $15 a month. It’s not that much! However, homeowner’s insurance could vary on the home and the state in which it is located, ranging from $83 to $138 a month.

No market risks

If you have been alive since 2008, you already know the housing market can crash. This could leave homeowners underwater on their own mortgages. In the meantime, renters can also watch all manner of news coverage concerning catastrophic housing status, without worrying about losing money where they live at the moment. Again, it’s someone else’s issue!

You are not stuck in a bad investment

If it happens to buy a house in a declining area, that’s bad news. The only choices you have on hand are to sell the home at a loss or pray that the deity of your choice will miraculously help you with some good fortune. In the meantime, renters can simply pack their stuff and move to a more advantageous neighborhood.

More predictable expenses

Homeowners need to budget for unforeseen repairs, rising taxes, as well as fluctuating interest rates. Renters pay the exact same amount every single month. In case that amount goes up, many landlords will notify all tenants in writing within a specific amount of time, so it won’t be such a nasty surprise.

Access to amenities

If you have chosen to rent an apartment in a modern complex, you must have noticed that all the new ones come with pools, gyms, parking lots, and many other amenities. Homeowners who wish to have access to any of those things will have to reach into their own pockets to build them from scratch. As an alternative, they can also embrace the renter’s life and sneak into one of those modern apartment complexes to enjoy a nice swimming session or hit the gym.

No stress over selling

Selling a home can turn out to be quite a stressful process that could, at times, take forever. The time wasted is the free part. There are also numerous broker’s fees and many other expenses to exhaust before the house is even sold. In the meantime, renters give notice, hand back their keys, and move on to greener pastures.

You are not tied down

Life can take a different turn at times. If you feel that now you have a boring, but stable life, and you wish for a change, you never know when it can be rudely upended by a career change, marriage, divorce, or even health concerns. What does this have to do with anything? Well, renting gives you the freedom to easily adapt without worrying about selling your home. If you need to move in with your poor, ailing grandmother to take care of her in another time zone, you can simply pick a suitcase and fly away.

Avoid HOA Fees

Did you know that plenty of people who own a home need to pay hundreds of dollars on a monthly basis in something known as Homeowner’s Association fees? As a renter, you will never need to part with a single penny for that nonsense.

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No long-term debt

So many people are deeply afraid of commitment (that, we already knew). If you happen to be one of them, then you’ll probably need to read that the typical mortgage is a 30-year commitment. By renting, a one-year or month-to-month lease might give you the freedom to be all footloose and fancy-free. Moreover, the place where you live won’t be a commitment but just a friend with benefits, so to speak.

Easier to budget for utilities

In certain rentals out there, utilities are generally included. Right there, that’s quite a considerable advantage over home ownership. However, even if the stuff does get charged to renters, individual rented apartments are generally smaller than houses, which makes them also a lot cheaper to heat or cool if you get stuck with the tab.

No renovation headaches

Homeowners have to save a lot for renovations, obtain different permits, and hire contractors. Renters never have to worry about any of that stuff. Moreover, some property owners could agree in advance to let renters do their own repairs and renovations and deduct the expense from the next month’s rent.

Leaves room for downsizing

If you rent, you always have the option to downsize to more affordable living spaces at the end of your lease. This type of flexibility is even more so important for retirees who want a less costly, smaller alternative that truly matches their budget.

It’s way more difficult to break free of an expensive house, especially when it comes to the fees involved with buying and selling a home. More so, if a homeowner diligently invested a significant amount of money in renovations, the selling price might not even cover these costs, which would leave them unable to afford, sell, or move.

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