Renting Instead of Buying
The debate of rent vs buy should be qualified from several vital lifestyle and financial considerations.
First, families who rent their homes eliminate routine out of pocket costs such as property taxes, insurance, maintenance, and other expenses involved in homeownership. Secondly, housing flexibility is an advantage for you to stay in one place or relocate to another neighborhood, community, or housing lifestyle for personal or professional pursuits. Thirdly, exiting a lease at the end of an annual rental term is as simple as a 30-60-day termination notice, cleaning the home, and disconnecting utilities. Finally, leasing allows you to relocate your home if you find yourself surrounded by annoying neighbors, their barking dogs, emerging crime, or loss of community conveniences that have changed.
Owning a home has numerous advantages for personal wealth building purposes and personal satisfaction. Still, it comes at the price of a long-term commitment and financial responsibility of maintenance and market risk. Homeowners have more flexibility to modify their living space to customize it for personal preferences.
Rent vs buy is a lengthy and cumbersome process that takes time and expense that can cost many thousands of dollars to sell and repurchase a home.