Sooner or later, we all strive to find accommodation other than our parent’s home. After all, everyone wants to settle down. Be it young adults nearing the age of moving out or couples starting their family; this desire is common for all. But when they start looking, the daunting decision to find an appropriate place confronts them. Moreover, the choice of either buying their house or renting one is a dilemma like none other.
In such cases, the charm of owning property attracts some people. At the same time, some prefer the convenience and ease of renting a home or apartment. Regardless of that, many of us avoid living on rent for a long time. People consider it a risk to their financial stability. But surprisingly, they can’t be more wrong. There are more long-term advantages of living on rent than you can imagine. Out of many such perks, here are a few:
1. You Don’t Have To Pay Property Tax
Property taxes often put house owners in a state of anxiety. It is a yearly expense that adds to a pile of bills, utilities, and many annual household expenses. It is like paying lifetime installments to own a piece of land that you already yours! On the other hand, if you choose to live on rent, you don’t have to worry about such taxes. Yes, this amount seems small at first. But if you accumulate the total amount you would pay over several years, you’ll realize that it amounts to quite a bit. These are potential savings that you could use for another rainy day.
2. Independence From Committing To A Place
The beauty of renting is that it doesn’t require permanent commitment. Sure, if you like your current place a little too much, you can always keep renewing your agreement. On the other hand, with temporary housing, you can always move to another place if you’re getting bored and need a change. Renting sets you free in every sense. It allows you to keep your options open at all times. In short, it gives you the decision-making power regarding your home and lifestyle choices.
3. No Need To Spend On Renovation And Repairs
If it’s your property, you’re going to be solely responsible for repairs and renovations. However, most rental agreements merely charge maintenance, which isn’t a lot, to be honest. It’s the least you can do for occupying space. From cracks in the ceiling to broken pipelines, the burden of every repair is on your landlord. The sheer joy of mental peace that follows is irreplaceable!
4. No Worry About Decreasing Property Values
Buying a house is a significant investment. Often people invest a lifetime’s worth of savings in it. The value is subject to fluctuation depending on trends in the real estate sector and the national economy. Now consider buying a beautiful home only for its market value to come crashing down in a few months because some factory decided to dump industrial waste nearby. Dream-shattering!
One of the biggest benefits of living on rent is that it liberates you from the worry of plummeting property values. What otherwise scares the house owners, tenants do not even have to think about it. When you live on rent, all that binds you is your rental agreement. Whether the property market is booming or touching the ground, you do not need to frown upon it.
5. Freedom From Mortgage
These days, buying a property using a mortgage is considered the norm. But while the practice feels like a blessing, it is an unnecessary financial burden. Ownership binds you to a place for which you have to keep paying, even if it outgrows on you. Also, not to forget the additional interest and hidden charges that tag along with the loan. People are often unaware of these due to insufficient research and miscommunication. These never-ending debt payments drain out both your energy and pockets. But if you choose to live on rent, you don’t have to worry about them. As said before, all you need to think about is your fixed rental amount.
The Bottom Line
Finding a place to live is a challenging task that requires careful planning, be it short-term or long-term. If you’re not well-versed with the sensibilities of buying real estate, it is always better to rent a suitable place. A safe choice is better than a bad one in the long run. Though it doesn’t seem obvious, living on rent gives you more freedom than actually owning one. The freedom of choice, the freedom of lifestyle, and the freedom to invest money elsewhere.