Renting is smart, and we want to prove to you why renting is better than buying.
In general, owning a home is more of a liability and holds more overall costs than renting,
due to closing costs, maintenance costs, and taxes. You have to climb a big hill in order for
homeownership to pay off. Also as we get older and head toward our "golden years",
owning a home can limit freedom and flexibility.
Studies have proven time and time again from 2000 - 2010 that renting is less expensive
than buying a home.
Here are several reasons why owning a home could be an unwise decision for you and your
future:
1. It does not allow for financial diversification, and all your eggs tend to lay in one
basket.
2. It's not a liquid asset and when times are tough, you may not be able to sell it.
3. Closing costs, maintenance costs, taxes, and home improvement projects make
homeownership a lot more expensive than renting.
4. It's not fun when you have to shovel snow off your sidewalk or pull weeds from your
yard.
5. Your down payment is money you never get back.
6. Homeownership doesn't allow for job flexibility.
7. Counting on the value of your home returning to the old "housing boom" levels is
risky.
Now, let's look at all the great reasons why you should rent:
1. Renting is easier due to maintenance-free and hassle-free living.
2. Renting is more flexible for those wishing to travel or relocate.
3. Renting is less risky and does not tie up the bulk of your wealth or investments.
4. Apartments offer a lifestyle alternative with amenity packages that often rival or
surpass those found in single-family houses.
5. Renting opens doors, allowing you to use your "downpayment money" for other
investments, to start a small business, to travel, or even to change careers.
This is a lot of information to process, but we hope our helpful information will help you
through your decisions when you analyze apartment renting vs. buying.
Contact our us at RentOne: California's Premier Apartment Finder when you are ready to
find the right rental property for your lifestyle.
