You may not be ready for homeownership, and that’s quite alright. One of the best way to determine if you would like to go down that path is by renting a home. There are many advantages to renting a home:
- More space
With a home, you have a bigger space, including a garage. After one or two events, you’ll know whether you’re up for becoming a permanent homeowner
- Being able to “try before you buy”
Renting lets you try a home on for size to determine if you need more, or less space.
You’ll have the flexibility of being able to reduce or increase your living expenses and move if you choose to.
Some bills are included depending on where you live. Additionally, if an appliance breaks, you aren’t on the hook for it – the owner is.
- No huge down payment
You may have to pay 3 months, but that’s way better than $15 or $20K. This is cheaper than buying a house.
- No foreclosure worries
The homeowner deals with foreclosure issues – not you. But, if the house is getting foreclosed on, you may have to move.
- No taxes or homeowner’s insurance
You should have renter’s insurance to protect your things, but you aren’t responsible for any homeowner’s costs.
- Property value
As a renter, you won’t have to worry about whether the value of the property is decreasing.
- Fixed finances
You usually have the same expenses every month and don’t have to worry about taxes or if things break down.
- No buyer’s remorse
You won’t have to go through purchasing a house to realize you don’t like it or the area.