Many people dream of owning a property, but in today’s economic climate it could be a long time before you’re in a position to own your own home. Renting is often considered as the least attractive option when it comes to housing, but in many ways, it can trump owning a property. Take a look at these four great reasons to choose renting over buying.
1. No financial commitments makes it easier to take risks
When you buy a property, it often means that you’ve picked somewhere to settle down for the long-term – but what happens when itchy feet start to set in? If you wanted to take a great job offer or take the opportunity to travel, you’d be stuck with having to sell your house first – a process that can take much longer than expected. Without the huge financial commitment of a home to consider, renters are free to up and leave and grab those opportunities as they arise.
2. It can be cheaper
With property prices continuing to increase, renting is looking like the much more attractive option financially compared to buying. The percentage of money saved by buying is beginning to narrow, especially in the case of major cities like New York. Renting comes without many of the costs associated with owning a property such as maintenance and buildings insurance, so month to month, the cost could be much less to renters. Sure, property owners are securing an asset for themselves, but renters could find other ways to invest the money saved to secure their financial futures.
3. The lifestyle
Homeowners have to work hard to turn their properties into luxury homes, often at a great financial cost. The ambition and creativity that surrounds the rental market today mean that renters are not only renting a property but the lifestyle that comes with it too. Properties like the Duchess Apartments in New Jersey offer affordable luxury with hotel-style leisure facilities in a location that’s just a stone’s throw from Manhattan that make the prospect of renting very attractive, especially for millennials. For people who work to live rather than live to work, the rental market offers some amazing opportunities that are just too good to resist.
4. It’s easier to manage your finances
While the differences between buying a property and renting can be small, renting can make a huge difference for those looking manage their finances better. This is because property owners have to pay real estate taxes, which can fluctuate, whereas renters agree terms that will last them throughout the leasing period – ensuring rent stays a static amount. Utilities also tend to be cheaper for renters, while those who choose to live in cities benefit from shorter and cheaper commutes too.
While there are advantages to both renting and buying a property, renting has become a more attractive option for younger generations who can see its many benefits. Considering a move to the city? Check out these tips on how to choose the right neighborhood to help you find the right location for you. Whether you choose to rent or buy, home is wherever you make it, so choose the best option for you and your circumstances.