While many people prefer to own their own homes, there are many advantages to renting instead.
-- NO RISK. Owning a home can be a risky business, and there are no guarantees that it will be a good investment. Lots of people who got in over their heads with subprime loans are learning the hard way that homeownership at any cost can be a losing proposition. When you rent, someone else accepts the financial risks, while you get to enjoy the peace of mind.
-- CHEAPER. When you consider the cost of being a homeowner -- mortgage payments, association dues, property insurance, property taxes, repairs, maintenance and upgrades to protect your home’s value -- most of the time, renting will be cheaper.
-- FLEXIBILITY. A big home mortgage can keep you stuck in a job (or two) that you don’t care for. When you are not tied to that kind of debt, you have the freedom to quit your job and move to another area. Or keep your job and move to another place. Or quit your job and start your own business. See? You’ve got flexibility.
-- MAINTENANCE. Owning a home is not all joy and sunshine is may seem. If you ever have problems in your apartment, simply call the management team. Never will you have to worry about lawn maintenance or home repairs. You have the time and freedom to do what you want.
-- GET OUT OF DEBT. Homeowners who are up to their eyeballs in the costs of owning a home often struggle with paying down credit card debt because they’re so strapped for cash. The temptation to keep adding to that debt because of all the costs to own a home can be great. Renters, on the other hand, have the opportunity to get really serious about getting out of debt because of all the reasons just mentioned.
If you are a renter, sit back and count your blessings. Be grateful that you are among a large percent of American households for whom renting an apartment home makes a lot of sense!
Now that’s an American dream!
