What Are the Benefits of Renting Over Buying a House?
Many home owners buy into the message from real estate agents and mortgage lenders that buying has many significant advantages over renting your home. Mortgage interest, property taxes and mortgage insurance all offer home owners tax deduction benefits. However, in some situations, renting offers both financial and non-financial benefits.
Less Expensive
Apples to apples comparisons on renting to buying costs are challenging, but J.D. Roth of Get Rich Slowly does a thorough job contending with the common notion that owning a home is less expensive. While it's true that renters do not receive homeowner tax breaks, they also don't usually have to pay for maintenance and repairs. Home owners must pay these costs, most of which offer no tax benefits. Plus, the tax break home owners typically receive for property taxes is a minor portion of the total property taxes they pay. Most importantly, renters don't have to pay mortgage interest, which is often the highest cost of home ownership. Personal finance expert and author Suze Orman notes that first-year interest alone on a $180,000 mortgage at a 6 percent fixed rate is $10,740.
Management
A major advantage of renting over buying is that you have little to no responsibility for upkeep and maintenance on your property. When you own a home, you must mow the lawn, repair and maintain the interior and exterior of the home, and keep up with other fix-ups. When you rent, you typically have a landlord or superintendent who takes care of minor fixes and maintenance issues.
Flexibility
Home owners face major obstacles when they want to move for a new job or relocate for another reason. They often get stuck trying to sell a home for several months and may have to rent it out to earn income in the meantime. Renters do have leases, but it's usually much simpler, less time consuming and less expensive to move out of a rental agreement than a home ownership situation.
Financial Management
The cost comparisons of renting versus buying don't tell the whole financial story. Regardless of the relative costs, home owners usually have higher living expenses and bills to worry about than renters. Home owners typically must pay for and manage all of their utilities and home insurance, and must monitor their property tax payments. Renters don't pay property taxes or home insurance premiums, and many landlords include utility costs within the rent. Some rental homes also supply basic appliances such as the refrigerator, oven, washer and dryer.
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