Many of us have spent our entire lives believing that homeownership is what every adult should aspire to. After all, purchasing a home is commonly regarded as a sign of maturity and financial independence. While it’s true that owning a home is associated with several perks, this doesn’t mean that homeownership is the ideal choice for everyone. Depending on your income level, long-term plans, and current locale, purchasing a home may not be a feasible option. Anyone curious about how they stand to benefit from being a renter instead of a homeowner should consider the following advantages.
Freedom from Property Taxes
Property taxes are among the biggest headaches associated with homeownership. Depending on what part of the country you’re based in, property taxes may account for a significant percentage of your annual income. Conversely, since you won’t have an ownership stake in a rental property, property taxes aren’t something you’ll need to worry about. Like so many of the other big responsibilities synonymous with property ownership, these taxes are the landlord’s responsibility. So, if you live in an area with exorbitant property taxes, renting stands to save you a princely sum every year.
Freedom from Yard Work
While some people genuinely enjoy doing yard work, many of us find it to be a tedious and poor use of our leisure time. After all, if you’ve spent a full workweek plugging away at the office, devoting your weekend to lawn-mowing, gardening and other yardwork-adjacent tasks are likely to prove unsatisfying.
Yard work isn’t something that most renters have to worry about. Granted, if you’re renting a house, yard upkeep may be viewed as your responsibility, but for apartment and condo residents, lawn-mowing and other outdoor upkeep are handled by maintenance staff or third-party landscaping companies. So, if you never again wish to fire up a lawnmower, renting may be the housing solution for you.
Being Able to Move on Short Notice
Renting is ideal for people who do a lot of moving. For example, if you have a job that requires you to relocate consistently, renting is likely to prove much easier than owning. Since homeowners generally need to find buyers for their current residences before relocating, moving can be far less cumbersome for those of us who rent.
If a renter needs to relocate on short notice, the largest inconvenience they’re likely to deal with is breaking a lease. Although some landlords claim that they won’t allow residents out of leases, many of them are perfectly willing to work with renters who need to relocate in a hurry. You may wind up having to pay a penalty fee, but this is far less cumbersome than overseeing a home sale.
Not Having to Pay for Large-Scale Repairs
Large-scale renovations and repairs are among the costliest expenses associated with homeownership. Footing the bill for major electrical, structural, and cosmetic repairs can easily set the average homeowner back thousands of dollars. This is particularly true in the case of people who own older homes that require regular renovations.
On the flip side, renters needn’t worry about any of this. Unless you’re directly responsible for causing damage to the property, large-scale repairs and cosmetic updates are the landlord’s financial responsibility. Needless to say, this can prove particularly helpful to people renting older properties. Conversely, with newer properties – like Wan Bridge homes for rent – this is unlikely to be an issue.
Not Having to Deal with Damage Caused by Previous Occupants
Dealing with damage caused by previous occupants is another headache that many homeowners face. However, while some renters may also encounter the damage of this type, they can simply call upon the landlord to fix it at no additional cost – which is a far cry from having to shell out their own hard-earned money.
There’s nothing inherently wrong with homeownership. If you make decent money and are certain you’ll be remaining in a certain locale for decades, a home can prove to be a very wise investment. However, this isn’t to say that homeownership is a good fit for everyone. For some of us, the various responsibilities and expenses associated with owning a home simply aren’t worth the stress and financial strain. Anyone currently considering their housing options would do well to consider the items discussed above.