With so much to consider, we’d like to offer a little food for thought…
Renting often provides significant benefits over buying a home. In general, homeowners assume greater liability and incur greater costs than renters do. Studies have proven time and again that renting is less expensive than buying a home. Owning a home can also limit freedom and flexibility, and it may take a very long time for home ownership to pay off.
There are several reasons why purchasing a home may not be the best choice for you and your future:
1. Home ownership may not allow for financial diversification, forcing you to put “all your eggs in one basket.”
2. Property taxes, association dues, home improvements, maintenance, and repairs all make home ownership a lot more expensive than renting. Insurance and utility costs are usually higher, as well.
3. Your home is not a liquid asset, and you may not be able to sell it if you’d like to make a move or times are tough and you need ready access to some cash.
4. When you own a home, you’re the one responsible for maintaining it or for paying someone else to do so. Chores like cleaning gutters and pulling weeds aren’t fun; and leaky roofs and hot water heaters can’t wait, whether or not you have the time or money to fix them.
Now, let’s look at why renting makes more sense than buying:
1. Renting is often easier, allowing for maintenance-free, hassle free living.
2. Renting is more flexible for those wishing to travel or relocate.
3. Renting is less risky and doesn’t tie up the bulk of your wealth or investments.
4. Apartment and condominium rental communities offer more lifestyle choices.
5. Many rental communities feature amenity packages that rival or surpass those found in single-family homes and can also eliminate the need for costly gym memberships and home pools.
In short, renting opens doors to exciting possibilities, allowing you to travel, change careers, start a business, or take advantage of great investment opportunities, using money that would otherwise be spent on down payments, property taxes, association dues, etc.
Once you’ve made the decision to rent, look to Rent-One.com, Northern California’s Premier Apartment Finder, for the perfect home to fit your lifestyle and your budget.