In the year 2017, countless people are quicker than ever to condemn renting. Older generations are especially wary of it. They claim it’s a waste of money, and they may even say that renting prevents you from ever being able to afford a home of your own. High rent prices are making life difficult from Los Angeles to New York, so there’s definitely some truth to these common complaints. However, there are many benefits to renting that are often overlooked by naysayers. Should you take on the long-term burden of a mortgage in exchange for being able to own your own home someday, or are you better off savoring the freedom of renting? Read on for some tips that may help you realize that renting isn’t so bad.
As long as you rent, you won’t be financially tied to one place.
Renting gives you the freedom to pack up and leave at a moment’s notice, as long as you don’t have a lease. Even if you find yourself shackled by a lease agreement, in most cases you only have to wait a year for the contract to expire. The freedom of having nothing but a lease holding you back is a stark contrast to the inescapable ball and chain of a 15 or 30 year mortgage. A lot can change in 15 years – kids grow up, crime rates increase, and your satisfaction with an area can rapidly decline. Being able to bail out at any time on short notice is invaluable, and this luxury is lost as soon as you sign a mortgage.
Mortgages are like a 30 year prison sentence for wandering types.
You could call a mortgage the “arch nemesis of wanderlust”. It essentially binds you to an area long-term and prevents you from wandering around to seek your heart’s true desire. Let’s face it; the place you live now probably isn’t the ideal, storybook homestead of your childhood dreams. And even if you enjoy where you live now, there’s always a chance you’ll find somewhere better. You should deeply reflect on whether you’re ready to spend the next couple of decades in one place before you commit to a mortgage and vow to settle down.
Upkeep and maintenance can be a serious financial burden for homeowners.
The upkeep costs of owning your own home add up insanely fast. If you choose to rent, you won’t ever have to worry about re-painting the walls or replacing the windows. You’ll also save a lot of money on maintenance. While renting, it’s easy to take the guy who comes to plow your driveway out after a snowstorm for granted. The moment you become a homeowner, things like free snow plowing and plumbing repairs are a thing of the past. Your landlord takes on a lot of responsibility in exchange for monthly rent payments, and it’s a big decision to shoulder these burdens yourself.
Renting allows you to change things up and keeps life from getting boring.
Do you ever take a look around and feel like there must be something incredible waiting for you beyond those same four walls? Living in the same old place for an extended amount of time can get boring. The longer you stay in one house, the more you start to notice irritating quirks about your surroundings. Whether you’re being driven insane by your neighbor blaring music at 4 AM or you just can’t stand another New York winter trapped indoors with nothing to do, there are countless reasons you might grow fed up with your current area. And let’s face it, being able to decorate a new place and claim it as your own is fun every once in a while. It keeps things from getting stale, and gives you the opportunity to re-shape the landscape of your life.
The next time you start to question your decision to rent instead of buying your own home, remember these important advantages. Even though some people may insist that you’re wasting money, there are many solid reasons to stick with renting. Enjoy this unique, exciting time in your life while it lasts, and don’t let anyone talk you into taking on the burden of a mortgage until you’re ready.