Hello Sophisticated Spenders!
The American dream of owning a home with a white picket fence is slowly changing. Many people are realizing the benefits and advantages of renting a home rather than owning one. As a landlord, I happily rent out a duplex in Chicago and a townhouse in the D.C. suburbs. I am also a renter myself!
Here are the reasons why I rent:
1: Avoid Maintenance and Repair Costs
As a renter, I’m not financially responsible for any maintenance or repair costs. If there’s leak in the roof or the heater breaks down, the landlord is responsible for paying the costs. Homeowners, on the other hand, are fully responsible for all the maintenance, repairs, remodeling, and/or redecoration costs. All of these costs can add-up very quickly, but I don’t have to worry about that as a renter.
2: Less is More
I used to live in a 1,500 square feet townhouse in the suburbs, but decided to rent a 500 square feet home in the city. And I love it! Having less space means spending less time cleaning and organizing, and spending more time pursuing what I value in life. I was also able to declutter my home and got rid of so many items that I never even used. All in all, renting a smaller space in the city has decreased my stress level and freed up my time.
3: Affordable Living in the City
I live in the Washington, D.C. area and real estate is extremely expensive. Owning a condo in D.C. can require up to $1,000 in monthly condo fees alone to access their amenities. I wouldn’t be able to afford the mortgage and condo fees if I owned a D.C. condo. Since I rent a condo from private owners, I’m able to enjoy the perks of living in the city and have access to great amenities the condo provides such as the fitness center, clubhouse, and pool.
4: Save Time and Money
Renting a condo in D.C. means I save an enormous amount of time and money. When I lived in the suburbs, I spent 2 hours of commuting everyday. Although I enjoyed watching movies and blogging during my commute on the train, I never enjoyed waking-up so early. Now, I’m able to save my time and money by walking to work (and walking home for lunch).
Renting a home with a 12-month lease gives me greater flexibility to move around compared to owning a home with a 30-year mortgage. If I have a career change, I can easily move to a different city. It wouldn’t be so simple with owning a home though. I’d have to go through the arduous process of selling my home. I also have greater flexibility in how much I want to spend on rent. Paying a typical 30-year mortgage will more or less remain the same. But I can always move to a different neighborhood with alternative renting costs.
6 thoughts on “5 Reasons It’s Better to Rent than Buy”
I was seriously considering renting for a few more years and u have just confirmed some of my reasons and even brought up some new ones. I can see myself owning rental property but then I am responsible for the upkeep still and for damage that tenants do. Haven’t decided if the pro’s and cons weight out yet. What are your thoughts? As always thanks for the great info!!!!
Thanks for reading Stacie!!! I would totally wait and do whatever is in your comfort zone. Don’t rush into anything that you aren’t SURE you’re ready for. Take your time for sure.
I’m more of a fan of renting. I love the flexibility. I’m not sure which area of town that I truly want to live in. I’m also not a fan of the extra money that I’d have to have if I was buying a house right now. I eventually want to own, but that will be once I’m debt-free.
I totally feel you! I’m currently in love with renting and I don’t see that changing any time soon!
This message is definitely for those that want the freedom, both physically and financially from the responsibility AKA “burden” of owning a home. On the flip side as a former renter with a family who got tired of the landlord raising the rent, that was equivalent to a monthly mortgage payment of a much more spacious home for my family, the choice was easy. As a realtor in the DMV, the rental and real estate market is ripe for the picking, there are housing options designed to fit every individual need. Some argue affordability is the roadblock to city living. Great dialogue! And now that I am almost an empty nester, we are contemplating renting out our home and becoming tenants eslewhere for some of the very reasons you outlined.
I LOVE this idea for you two!!!!! Let somebody with a big family enjoy the big house. Move closer to me so I can help you eat all of those big meals you cook!!!!