Array
Money Matters

6 Convincing Reasons Why It's Better to Rent Than Buy a Home

Paying monthly dues is less stressful compared to managing real estate taxes

Shares
Photography: Pixabay

After starting a family, the next step for a couple involves finding the perfect home. Some choose to invest in a house and lot, others buy a furnished home, and there are those who’d rent an apartment or a condo unit instead. While many save up for and invest in a home they can proudly call their own, many opt to rent first, considering the move as a smarter and more practical decision.

Whether you’re currently renting a home or you’re still undecided, here are six reasons why renting might be the best option:

Your monthly home expenses are predictable

Since your monthly rent is fixed, a portion of your salary instantly goes to that expense. Some rental properties include utility payments, but even if your rented property does not cover electricity and water usage, sources say that these bills tend to fall within the same bracket every month. According to Investopedia, “a renter’s monthly expenses tend to be very predictable… renters generally don’t have the unexpected expenses associated with owning a home, such as fixing a leaky roof or replacing the windows.” 

ADVERTISEMENT - CONTINUE READING BELOW

It’s easier to maintain

Depending on the rules set by your landlord, your options when it comes to improving or decorating the home is limited. While you can still make it your own through simple décor and budget-friendly updates, overall maintenance is shouldered by the landlord or property owner.

According to an article published by Real Living, “it’s his job to keep the property safe and fit to live in. (This includes pest control.) If the landlord refuses to make repairs, you may suspend paying rent until repairs are made or make immediate repairs charged to the landlord.” It’s best to review your contract of lease or rent before signing it as the document should include the types of repairs and who pays for it. To cut it short, no unexpected expenses for repairs!

You can move anytime you want

Various sources state career flexibility as advantage renters enjoy. This only means that you can move from one city to another quickly, depending on your needs or the location of your workplace. Don’t fancy the neighborhood you’re in? You can look for a safer and better community and rent a home there. According to the full-service rental platform, Zumper, “if you’re planning on moving around, not sure if the city or town is the right fit, or simply want to be able to up and move on a whim, renting is the option for you.”

ADVERTISEMENT - CONTINUE READING BELOW

You’re free to make other investments

Since you’re not paying the mortgage and additional fees related to owning a home, you’ll have funds that can be allocated for other investments like your child’s education, starting your own business, or let’s be honest, buying your dream home in the future. This is what Zumper explains as spreading your funds out “over different types of investments instead of tieing all of your money up in one single purchase.”

You don’t have to think about paying taxes

Aside from mortgage, owning a home means being on top of paying real property tax or amelyar regularly. If you’re only renting, the property owner must pay it, and some of them factor this into the monthly rent. Nevertheless, it’s an item off your list that you don’t need to worry about.

You don’t have to worry about the value of the property

ADVERTISEMENT - CONTINUE READING BELOW

According to Investopedia, buying a home can be likened to investing in the stock market. “The money that’s invested in the home – through down payments and mortgage payments – is at risk.” The value of the home could appreciate, which is good for the homeowner, but at the same time, it could also depreciate which results in “underwater mortgage, where money is owed than the current value of the home.” 

 

This story originally appeared on Smartparenting.com.ph.

* Minor edits have been made by the Realliving.com.ph editors.

More on Realliving.com.ph

Shares

Latest Stories

How You Can Achieve a More Efficient Kitchen Without Remodeling!

All you need to do is organize your kitchen items and establish specific zones.

10 Pretty Decor Pieces for an Insta-Worthy Wall

Make the most of your bare walls!

How to Pack a Suitcase Efficiently, Prevent Wrinkled Clothing

Especially if you're just bringing a carry-on!

7 Ways to Make Your Ceiling Look Higher Than It Actually Is

Take note of these decorating tricks to help you create the impression of a taller room.

Replacing This Home Appliance May Help You Save on Electricity

Sometimes, oldies are not necessarily goodies.

Decorate Your House on a Budget! Learn From These Real Homes

Refreshing the look of your home doesn't require spending lots of money!

How to Fake Natural Light When Your Home Doesn't Have a Lot of Windows

Avoid dark, heavy window treatments and keep furniture away from windows.

A Look Inside Baby Baz Go's Playroom

Hand-painted details and captivating colors complete the room's whimsical woodland theme

10 Storage Ideas to Organize a Cluttered Bathroom

You don't need to stop at just shelves and baskets when organizing your bathroom.

A Filipino Family Based in Dubai Shares How Living With Less Made Them Happier

Minimalism is not just about having a clutter-free home, says the mom. It's also about having peace of mind.

There's a Secret Trick to Keeping a Small Kitchen Neat and Clean

Many of us instantly think it's difficult to work in a small kitchen.

How to Live With Less? Stop Buying Things Just Because It's on Sale for Starters

The journey toward minimalism can be challenging, but it will be worth it.
Load More Stories

Get inspiring design ideas and handy hints.
Subscribe to our newsletter now!