Three Reasons Renting is Better than Owning

There is a great ongoing debate about renting vs. buying, and if you are like most people, there is a great chance that you might be sharing the belief that renting a house equals throwing away your money, which is not the case, though.

By renting a house, you are not throwing away money because you are paying for a place to live somewhere. Also, this aspect ignores the fact that homeownership is no longer as easily accessible as it once was.

Here is why renting is better than owning.

Flexibility  

One of the greatest benefits of renting a house is its flexibility. Life is unpredictable, and if something in your life changes, you need to move, you need more living space, or you get a different job – renting will make it relatively easier for you to do that.

You can immensely benefit from renting if you are in a time of your life where you are going through potentially great changes. When you are a renter, moving is complicated enough as you will have to coordinate the move itself. But the moving challenges are less compared to the complications when you have to move at an inopportune time when you own a home.

Also, if you are looking for short-term rental homes, such as Pasadena housing (short term), if you are looking for short-term rentals in Pasadena, you can avail yourself of the rentals within your budget.

No Extra Costs

Owning a house comes with a mortgage, which might sound like a cool thing, considering the fixed costs that one has to pay over a super long time instead of becoming subject to the whims of the rental market. Nonetheless, the cost of homeownership does not stop with the down payment, the mortgage, and the closing costs, which can already be very substantial at three to six percent of the total purchase price.

Now, when it comes to renting a house, your property owner is mainly responsible for the extra costs, such as home maintenance, things replacement, home upgrades, etc. The landlord is also responsible for keeping things in order and supplying things, such as running water and trash removal.

Comparing this aspect with homeownership, you realize that you are responsible for EVERYTHING, which means that you are essentially taking on all of the costs yourself – not just in terms of the money but also the labor itself.

Your Credit Score

When you are renting, the rent represents the top of what you will be paying to live in the place, whereas your mortgage represents the bottom of what you are going to pay every month. You will also have to factor in a potentially limitless amount of costs on top of the mortgage itself, which might be something that you are not ready for.

Also, if you are still working on your good credit, you are better off renting than buying. You already know that your credit score is one of the most important factors in determining how much you are going to spend on a home.

Three Reasons Renting is Better than Owning

Free House Architecture photo and picture

There is a great ongoing debate about renting vs. buying, and if you are like most people, there is a great chance that you might be sharing the belief that renting a house equals throwing away your money, which is not the case, though.

By renting a house, you are not throwing away money because you are paying for a place to live somewhere. Also, this aspect ignores the fact that homeownership is no longer as easily accessible as it once was.

Here is why renting is better than owning.

Flexibility  

One of the greatest benefits of renting a house is its flexibility. Life is unpredictable, and if something in your life changes, you need to move, you need more living space, or you get a different job – renting will make it relatively easier for you to do that.

You can immensely benefit from renting if you are in a time of your life where you are going through potentially great changes. When you are a renter, moving is complicated enough as you will have to coordinate the move itself. But the moving challenges are less compared to the complications when you have to move at an inopportune time when you own a home.

Also, if you are looking for short-term rental homes, such as Pasadena housing (short term), if you are looking for short-term rentals in Pasadena, you can avail yourself of the rentals within your budget.

No Extra Costs

Owning a house comes with a mortgage, which might sound like a cool thing, considering the fixed costs that one has to pay over a super long time instead of becoming subject to the whims of the rental market. Nonetheless, the cost of homeownership does not stop with the down payment, the mortgage, and the closing costs, which can already be very substantial at three to six percent of the total purchase price.

Now, when it comes to renting a house, your property owner is mainly responsible for the extra costs, such as home maintenance, things replacement, home upgrades, etc. The landlord is also responsible for keeping things in order and supplying things, such as running water and trash removal.

Comparing this aspect with homeownership, you realize that you are responsible for EVERYTHING, which means that you are essentially taking on all of the costs yourself – not just in terms of the money but also the labor itself.

Your Credit Score

When you are renting, the rent represents the top of what you will be paying to live in the place, whereas your mortgage represents the bottom of what you are going to pay every month. You will also have to factor in a potentially limitless amount of costs on top of the mortgage itself, which might be something that you are not ready for.

Also, if you are still working on your good credit, you are better off renting than buying. You already know that your credit score is one of the most important factors in determining how much you are going to spend on a home.

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