Jacksonville Property Management Blog
7 Reasons Why Renting Could Be Better Than Buying
Most people deal with this big real estate dilemma once in their lifetime–should they buy a home or rent it out? Even though some find the answer easily, others are not sure which option is best for them. Both homeownership and rentals have pros and cons, and what’s best for you will depend on the particular circumstances you’re in. However, this article will talk about the advantages of renting a home. For those who are not ready to commit, here are the reasons why renting could be better than buying.
1.The flexibility of living in a rental
Buying a home is a huge commitment. Even though you can always sell and buy a new property if you don’t like something about it, it’s not that easy to do. On the other hand, renting gives you more flexibility in location, size of your home, and budget. Over the years, your needs and possibilities may change, so you can change your home according to them. If you want to switch to a more family-friendly neighborhood–rent a place in another location. Got a pay raise–upgrade to a bigger or fancier apartment. Got a new pet–find a pet-friendly home. Renting is a commitment, yet not as strong as purchasing a home. This flexibility attracts many people who love to switch homes, and experience living in different cities and cultures.
2.Finances–how renting could be better than buying
In general, renting is less expensive than homeownership. You don’t need to pay for repairs and maintenance as it is the responsibility of your landlord. Furthermore, you don’t need to pay taxes, which is another advantage of renting a home. Depending on where you live, taxes can be quite burdensome for homeowners, so it’s great if you can avoid them. Also, as there’s no down payment for you, you can save thousands of dollars. Even though you have to pay a security deposit when renting a house or apartment, rentals are still less expensive. Finally, you don’t need to deal with HOA’s fees. These are reserved for homeowners only, so there’s one more reason why renting could be better than buying.
3.Renting saves you time daily
Living in a rented home means more free time. The reason is that you don’t need to deal with regular maintenance and change your schedule for unexpected repairs. Contacting your landlord is all you need to do, which leaves you more time to work, do a hobby or spend time with your loved ones. Rentals give you the opportunity to enjoy a great home, but without too much commitment to its maintenance.
4.You get an advantage at work
Job opportunities often come with location requirements. So, if there are more candidates for a promotion like that, people who rent have a slightly bigger advantage than those who own a home. They can easily relocate wherever necessary and faster meet the requirements of their employer. Let’s say you live in Jacksonville and get an offer to move to another place in Florida. When renting a place, you don’t need to deal with selling your home so you can relocate. You just need to notify your landlord and start looking for a reliable team in the area to help you out. Luckily, Jacksonville offers some high-quality teams, so it won’t be difficult to do this – but you need to do detailed research first.
5.Property decreases in value – you don’t need to worry about that!
This happens all the time in the real estate world–properties’ values increase and decrease depending on many factors. These changes give many homeowners a headache, making them wonder if they’ve made a mistake. On the other hand, renters have no such worries. Your rent cost is fixed and has no connection to the changes in the property’s value. If the rent does change, you can easily switch to a more affordable home.
6.You can enjoy all the nice amenities
When you own a home, you need to purchase all the nice stuff you need–and those are pretty expensive. A washer and a dryer, a pool, a home gym, etc. - all of these are nice to have, yet they are costly to get and maintain. These also represent deadweight capital, which is a downside of owning a home. On the other hand, renters can enjoy these amenities without such worries. Access to such luxuries is a part of living in many apartment complexes, which is another reason why renting is a better idea.
7.No long-term commitment
For some people, the main reason renting could be better than buying is the lack of long-term commitment. Even though many people find homeownership a source of peace and security, others may find this commitment challenging. Also, it’s easier to downsize if you’re living in a rented home. After a while, you may find your home too expensive, or you want to downsize after retirement. It can be tough to break free from a purchased home than leave a rental. Being tied to one place is not for everyone, so it’s wise to consider your lifestyle and long-term plans before making this decision.
Remember: if you need to downsize to lower your living costs, make sure you organize the move according to your budget. Verified Movers suggest you compare multiple moving estimates, so you can choose the deal that offers the best value for money. Different companies offer various services and pricing, so be careful when hiring a team for your move. Compare and analyze their offers to be sure you’ve got the best deal.
The bottom line
The main idea of all the reasons renting could be better than buying is freedom. Freedom to make changes, live carelessly and enjoy your life more. However, these advantages are only worth it if you really enjoy them. Everyone has different lifestyles and preferences, which is why our goals can’t be the same. Take your time to consider all of the factors so you can be sure you’re doing the right thing and wisely invest your money.
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