Most people dream of having their own home. It gives them a sense of security and achievement.However, buying a home is very expensive, and people often get into loans that they can’t pay off later. There are some good reasons to rent a house instead of buying one.
1. Lower costs
When you buy a home, you build up home equity. Building equity doesn’t happen in the case of renting. However, the costs are lower. There are many costs associated with the home purchase, like taxes, maintenance, assessments, etc. You will not have to pay the large down payment also when you rent a home.
2. Easier to move
We don’t stay in the same place always. People have to move for various reasons like jobs, children’s schools, safer neighborhood, etc. If you buy a home, it will be difficult for you to move as you need to sell the home first. If you rent a house, you won’t have to worry about all these. You are free to move.
3. No maintenance responsibility
As a homeowner, you will be responsible for all the maintenance works of your home. But if you rent the house, any major repair or maintenance work is not your responsibility. The landlord will take care of it. So, you don’t need to spend any money on home maintenance. So, it is not essential to buy a house. It all depends on your lifestyle and preference. Before you decide to buy a house, you should weigh your options. If you don’t’ have enough money to pay the down payment or if your job requires you to move from place to place then it’s better to rent a place than buying it.