WHY RENTING MIGHT BE RIGHT FOR YOU… AT LEAST FOR NOW
Home ownership is the American Dream and it is wrongly assumed that everyone should want to do it.
However, there are some circumstances when it might be a better idea for some people to continue renting.
Here are a few of them.
IF YOUR JOB MEANS YOU MOVE REGULARLY
Maybe you are just a free spirit who likes traveling and is unable to stay in one place too long. Some people are like that. Everyone has that relation or friend who just cannot bear to live in the same house for longer than a year or so.
In those circumstances, that person might be better off renting, if they want to save themselves a whole load of hassle and the stress of selling and buying constantly.
Although renting a property may not change the fact that their life will be constantly caught up in bubble wrap, it will at least free them from the clutches of real estate agents!
Likewise, even if you would really like to commit to buying a property, but your current job means you have got to leave town for months on end, you still might be best of renting.
Unless you can scrape together the mortgage on a place that you will barely spend any time living in and pay for an additional roof over your head, it is best to continue renting, maybe on a short-term contract for now.
IF YOUR INCOME IS FLUCTUATING
Mortgages can be harder to obtain for anyone not on a fixed income.
So, if your income is prone to peaks and troughs and especially if you think that it may be likely to go down significantly, think carefully before committing yourself to a mortgage.
IF YOU WANT TO DOWNSIZE QUICKLY
Following on from the point about having a fluctuating income; if your income nosedives, you might suddenly want to downsize.
With most rental agreements allowing for a high degree of flexibility, you could be at liberty to start looking for somewhere smaller in a couple of months.
Of course, you have to be able to sell your home, before you will be free of the commitment to pay the mortgage on it and this is not something that is guaranteed to happen!
IF YOU CAN’T AFFORD THE MAINTENANCE COSTS
The upkeep on a property can be the straw that breaks the camel’s back, for a lot of homeowners.
When you rent, your landlord is the one obliged to make good all the repairs that need doing.
So, when the boiler goes pop in the middle of winter and the pipes crack, it is him or her who have to stump up for the emergency plumber.
These repairs can really add up.
Not just over the years, but sometimes a lot more quickly than that. And a lot of them – like a hole in the roof, or a broken toilet – are not something that can be put off until you have the funds, either!
IF YOU WANT A LIFESTYLE YOU CAN’T PAY FOR
It is quite possible that a rental property will come with more fringe benefits than one the one that you would be able to afford if you were to buy.
For example, a big garden, maybe with an outdoor lounge area or even a pool may be a feature in a lot of rental apartments and properties, which would be seriously expensive to buy outright – and then to maintain!