Why Renting a Home is Better Than Buying One?

Every 20-something has an idea of what their dream home should look like. While for some bringing to life this dream comes easy, for a lot others it is rather difficult. Owning a home for those in their 20s and 30s today isn’t what it used to be in their parent’s generation. With the soaring property rates many youngsters are moving towards renting houses instead of buying and they have perfectly sound reasons for doing this. Here are some of them –:

No Need For Bulk

Setting out to own a house is a huge task to undertake. It requires a lot of money and a lot of struggle to collect that money. Many potential home buyers save for years to be able to afford buying their own house; sometimes it takes years of savings to merely collect the down payment amount. The huge amount of money that is being collected does not grow in value over the years as it is only being saved, and not invested, and thus, no returns. In such a situation renting is a better option, as it frees up your savings to let you do a lot more with it. Even if the idea is to buy the house on loan, that just sets you up for many years of EMIs and interest payments.

Maintenance? No Problem

A perfect home stays perfect only with regular upkeep. Most home owners spend a better part of their income on up-keeping their home. Whether it is the monthly society maintenance or a fresh paint job or fixing leaky pipes, all of this goes out of your own pocket when you are the owner. On the other hand, as a person who lives on lease you don’t have to deal with any of this; the landlord handles all this for you, thus helping you save your bucks. For a fixed rate every month, you get to not only live in a home of your choice without having to worry about its maintenance but also get to enjoy the possible conveniences and perks that come with the home, such as free parking, club house facilities etc.

The Easy Move

Probably one of the best things about renting a house is that you aren’t tied down to it. If you need to move across country for a better job opportunity you have to simply end your lease, pack your bags and head out; no worrying about selling the house or taking care of it. If you feel that your growing family needs more space that the one available to you in your current accommodation, all you need to do is find a bigger home for rent within your budget and move out! You don’t need to adjust in a home that doesn’t serve your purpose anymore.

Of the nth number of reasons, why renting is a far better option than straining yourself to buy a new home, these were the top 3. If you are still confused as to what you should do, you can always consult a financial advisor who’ll help you make the you set your priorities right.