Whether you're just stepping out into the world and setting up camp in your first home, or you're a long-time renter who simply hasn't taken the leap into buying, it may be that you're looking for somewhere new to rent.
But have you ever considered the fact that renting may not be the best choice? It's often seen as more affordable and more easily accessible – but in many cases, this isn't necessarily the scenario. You could have been far better off purchasing a home – providing you choose one within your price range.
Here are five reasons renting shouldn't always be your go-to choice.
- You're looking for stability and security.
Renting simply cannot give you the same stability and security as owning your own home can. Your landlord could sell the property or evict you at any point, leaving you unexpectedly in search of somewhere to live. You're also at risk of price hikes on your lease, which could severely damage your financial plans.
- You want to make an investment.
If you're ready to start making serious investments, it's time to stop renting. Real estate is an important long-term investment, and with prices increasing consistently, it's time to get started.
Many people see renting as 'throwing money away', and to an extent that's true. Wouldn't you rather be putting that money into the ownership of your own property?
- When you rent, you're giving up a slice of your freedom.
While living in a rented property, you're limited as to what you can do with it. That cool decorating idea you have may not go down so well with your landlord, but when owning a home, you're free to do as you please!
- As more people rent, the economy will weaken.
When you buy a house, you're paying that money into the economy. If more people chose to move from renting to purchasing a home, economic stability would improve, leading to positive effects on the market, as well as more jobs and income.
- Buying a home could be more flexible than you realize.
As long as you're choosing a home that's appropriate for your budget, buying can be surprisingly accessible. You're entitled to make an offer on the price, and mortgage lenders may be able to offer you competitive rates that may end up being less than you currently pay in rent!
While these are only a few short reasons that renting is not always superior to buying, it's enough to get you started as you consider the best path for you and your family.
Do a little research into the pros and cons of renting vs. buying a home and you may be surprised at the results.
If you find yourself swayed towards the purchase of a home in New England or Florida, get in touch with radius to learn more about home mortgages that can meet your needs.