The American Dream of home ownership and the pursuit of happiness is alive and well, but is it still a reachable and practical dream to hold on to? There’s no denying how great of an achievement buying your own home is, but the fluctuating mortgage and apartment rates also mean it’s riskier to rent because prices may suddenly change.
Renting, however, can still be the better and smarter choice for a number of reasons.
Maintenance and Repair
One of the worst problems a homeowner could ever encounter is maintenance and repair costs piling up. The thing is, if you have your own home, you’re entirely responsible for everything from clogged drains and leaky faucets, to holes on the roof. All these additional responsibilities can cause your wallet to go empty every so often.
One clear advantage of renting is that you won’t be responsible for any repair or maintenance needed for the place you’re letting. Your landlord will be the one responsible for the upkeep of your home and as American Heritage Properties explains, “you will always be able to get a hold of someone in case of an emergency; even on the holidays or in the middle of the night.”
There’s no denying how expensive repairs can be, and the freedom to not worry about these pricey expenses helps when you’re saving up for more important things.
The Lack of Down Payment
One thing renters enjoy that homeowners can’t is the smaller down payment when renting a property. This, however, depends on the kind of property. Mid-sized to large-scale properties typically charge a higher down payment, but don’t get anywhere near the down you need to pay to buy a house. Depending on your financial standing, this could be a great money saver.
Additionally, renting a property means you won’t have to pay estate taxes. These ultimately depend on how large your property is, and with the focus of getting larger homes, real estate taxes turn from necessary payments to financial burdens.
Look at all of the options before you get started on plans of buying your own home. Renting a house may not be ideal as you won’t exactly be fulfilling the American Dream of getting a house, but it may be the smarter option if you’re not financially prepared for the responsibilities of owning a home.