Does It Ever Make More Sense to Rent Rather Than Own?
Whether it is better to rent or buy a home incorporates two different categories of variables: the financial and the personal. Even if the math to renting a home wins out over buying a home, you may have an emotional attachment to wanting a house of your own. That desire could tip the scales towards buying. In other situations, the financial realities may push you towards renting, even if the long-term mathematics suggest buying is a better plan.
Cash Flow
The state of your personal cash flow may dictate whether it is better for you to buy or rent, regardless of any other factors. In most cases, a mortgage payment will cost more than a rental payment; if you don't have the money to support a higher monthly payment, your options will be limited. Buying a home traditionally requires an upfront down payment as well, so if you don't have the necessary funds buying will not be an option for you. In those scenarios, renting can be a better option for you than buying.
Freedom
Renting affords you a level of personal freedom that you cannot generally find if you buy a home. As a renter, you can usually move to a new location within a matter of weeks, if not days. This is particularly true if you have lived in a place long enough for your lease to have become month-to-month. As a homeowner, you must generally plan well in advance if you want to move, as you must usually sell your home before you can afford to buy a new one. If you feel like you might change jobs or move to another city sometime in the near future, renting can make more sense than owning.
Upkeep
As a renter, you typically have little responsibility for the upkeep of your property. The owner of your rental is usually liable for property maintenance, including landscaping, painting, carpeting, and often utilities. As a homeowner, if anything breaks, you must pay to replace it. If you want your yard to be presentable, you must either do it yourself or hire a gardener. Upkeep on a large home can take hours of your time per week and cost a lot of money. If you choose to rent instead, you can avoid all of those issues.
Stability
If your financial future is uncertain, it can be risky to own a home. Buying a home may consume a large portion of your savings and monthly income. If you are at risk of losing your job in the near future, you may end up in foreclosure if you can no longer afford your payments. While it can be hard to predict job security, if you work for a company or industry with a lot of turnover, it may be more financially prudent to rent rather than own.
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