Ron Matin
Marriage, professional success, and homeownership are typical examples of the kinds of long-term achievements that people set for themselves. One sign that you’ve “made it!” is purchasing a home. That’s a wonderful sensation, by the way. This, however, may not hold true for all people. It’s possible that the price of purchase is too high in some cases. While buying a house with a white picket fence is an option, we’ve compiled a list of five good reasons why renting could be preferable.
By renting, you can put off paying for some costly purchases.
It’s a well-known fact that it costs a lot of money to buy your own home. It’s not just the little things that end up costing a lot. In addition to the down payment and closing costs, money should be set aside for maintenance and repairs when you buy a home, condo, or apartment.
Renters are more flexible
The decision to buy a home should not be taken lightly. This is fantastic if the home you just purchased is precisely what you’re looking for and you’re thrilled with the neighborhood. However, circumstances tend to shift. The freedom to do what you want when you want is a significant perk of renting. It’s far less of a hassle to start house hunting again if your tastes or life circumstances change.
Renters have lower insurance premiums
Property insurance for renters is almost usually less expensive than insurance for homeowners. This is because most homeowners’ insurance policies protect the building and the things within it. Since the tenant does not own the property, only the tenant’s items need to be insured.
Renters are not concerned about decreasing property value
Home prices fluctuate based on the market. This could significantly impact homeowners, but renters would likely feel little to no effect. Your home’s market value may affect your mortgage principal and annual property tax assessment. Renters might be less affected than homeowners by the current housing market.
Renters can enjoy built-in communities
Most apartment complexes place tenants close to one another, meeting and getting to know your neighbors quickly. While this is true of many home purchases as well, rental communities frequently have closer-spaced dwellings and, as a result, offer more casual and formal chances for interaction through shared spaces and activities.
What’s better, renting or buying?
The choice between renting and buying, as was previously said, ultimately comes down to the individual’s financial situation and tastes. There is always a chance that things will alter. Some people may find that renting is a decent option while they save up for a down payment on a home. Whether you are looking for a home to buy or you just want to rent an apartment, our professional realtors at Matin Homes, a real estate agency in Vancouver, can help you find your desired house. We hope this essay has shed some light on the many reasons why renting may be preferable to buying for many people.