{"id":16687,"date":"2019-03-22T08:00:33","date_gmt":"2019-03-22T13:00:33","guid":{"rendered":"https:\/\/www.abodo.com\/blog\/?p=16687"},"modified":"2022-02-15T10:28:57","modified_gmt":"2022-02-15T16:28:57","slug":"rent-vs-own-debate","status":"publish","type":"post","link":"https:\/\/www.rentable.co\/blog\/rent-vs-own-debate\/","title":{"rendered":"Are You Actually Wasting Money on Rent? Maybe Not."},"content":{"rendered":"

As you get older and your friends begin to purchase homes, it\u2019s easy to feel pressured to buy a home of your own. You might also feel pressure from parents and relatives to buy because \u201cit\u2019s an investment\u201d or so you can \u201cstop wasting money on rent.\u201d And although it\u2019s true that purchasing a home <\/span>can<\/span><\/i> be considered an investment (some would argue that your primary residence <\/span>is not an investment<\/span><\/a>), you\u2019re certainly not wasting money on rent. And it\u2019s important to realize that your parents grew up in a different time when homeownership was much more accessible. The point is this: it\u2019s your money to do with as you please, and only you know what\u2019s best. Plus, there are some major upsides to renting.<\/span><\/p>\n

Renting is straightforward<\/b><\/h2>\n

If you haven\u2019t owned a home before, it likely sounds attractive. And don\u2019t get us wrong, there are many benefits. But if you\u2019ve only ever rented, you may be blind to the benefits renting has over owning. The main benefit being that it is extremely straightforward in comparison. Instead of looking for side gigs or apps that pay you to walk,<\/a>\u00a0find affordable rent and put your mind at ease.\u00a0<\/span><\/p>\n

A lease is much less complex than a mortgage<\/b><\/h2>\n

A mortgage contains <\/span>stacks of legal documents<\/span><\/a> and takes hours to go through. A lease, on the other hand, only contains a few pages and usually doesn\u2019t require a lawyer to review. The terms rarely change, other than small increases in rent from year-to-year.<\/span><\/p>\n

Renting is flexible<\/b><\/h2>\n

Signing a year-long lease may not seem all that \u201cflexible,\u201d but in comparison to a mortgage, it definitely is. It allows you the flexibility to move each year, or simply re-sign if you\u2019re content. If you want to travel at the end of your lease for a few months \u2013 no big deal. Simply forgo resigning and put your things in storage or at your parent\u2019s place. Of course, you\u2019ll have to <\/span>find a new apartment<\/span><\/a> when you get back, but you didn\u2019t have to take the time to sell your house or find tenants like you would have needed to do as an owner. Which actually brings us to another option: subletting. If your lease allows, you could always sublet your apartment for those months of travel for even more flexibility. And at the end of the day, you can always check with experts on the rent vs. own debate<\/a> in the city of your choice.\u00a0<\/span><\/p>\n

You\u2019re actually paying for a service<\/b><\/h2>\n

You may not appreciate, or even realize this as a renter, but you\u2019re actually paying for a service. Your landlord or <\/span>property management company<\/span><\/a> is the one maintaining your building, any common areas and paying property taxes. This is the reason why your rent may increase from year to year, but at the end of the day, you don\u2019t have to worry about replacing a busted hot water heater, cutting the grass, trash removal or any number of things that come with owning a home.<\/span><\/p>\n

It’s a bonus if you have access to common areas like a gym, pool or other amenities too. If you owned a home, these are things you\u2019d have to purchase, install and maintain yourself. <\/span><\/p>\n

There are less costs<\/b><\/h2>\n

Not only are you paying for a service, there are far less costs associated with renting. There are a number of upfront costs during the home buying process, as well as ongoing costs outside of your mortgage once you close on a home. Let\u2019s compare the costs of renting and owning briefly:<\/span><\/p>\n

Owning<\/b><\/span><\/p>\n

When you purchase a home:<\/p>\n