Do you rent the home you are in? Are you tired of every cheesy real estate agent you meet trying to talk you in to buying a home? I know I am. It's like there are only three topics real estate agents talk about and you're one of them.
You're not some hurt animal that needs to be nursed back to health. I happen to think that renting has its perks, and here is the list of reasons I've come up with:
1. You don't have to do any repairs or maintenance.
There is a lot to be said when you don't have to spend your days repairing your leaking faucet or mowing the grass. Not all houses take a lot of up keep but I get it, if you don't want to turn a wrench or smell like gas this is a perfect example. There are programs that home owners use called Home Warranties, that act like health insurance for your home. If you spring a leak, you call the Home Warranty and they send someone out for a co-pay to take care of the problem.
With renting, you can notify your landlord to fix the issue or submit a service request through the complex.
2. You have flexibility.
Tired of the black and white bath room that you use every day? Find a new rental. Taking a job on the other side of town? Pack it up and get closer to work. You aren't tied down to a location, so if you dream of living in different cities or enjoy a change of scenery, this would be a great fit for you.
3. So what if it cost a little more than buying?
Renting is ideal if you are thinking about buying and need to work on a couple of financial areas beforehand (i.e. building up/fixing credit, saving up for down payment). Also a great option if you are new to the area and want to spend 6 months-1 year to get a feel of your new city.
You may be paying a little more than you would be on a mortgage in the meantime, but it's a great avenue in certain situations.
🤔 Curious how much you would be paying on your own home? 👉🏽 Let's Talk Numbers
4. You May Not Be In Town That Long
If you are planning to be in the area for less than 3 years, it would make sense to rent since 3 years is the normal time period for homeowners to beat capital gains tax. Capital gains tax is a tax you have to pay when you make profit on selling a house.
Know you're going to move to another area in the next year or two? Then renting is the way to go!
Instead of putting in a private pool in your backyard or your own gym equipment in an extra room, you can enjoy the luxury of a pool maintained by the complex, share gym access in a workout room, extra work space, clubhouse for entertaining guests, etc. This is all available to you if you are renting an apartment or house in a community with amenities.
If you're new to the area, it's a great way to meet other people in your complex/neighborhood!
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