The argument of buying vs renting is ongoing and unfortunately, it doesn’t have a clear and cut answer. Despite many believing that buying trumps renting, there are some circumstances and scenarios that suggest otherwise.
No large deposit needed
Financially speaking, those who rent will be better off than those buying a house due to the size of each type of deposit.
No maintenance expenses or repair bills
Renting means you forgo any maintenance or repair costs, which are instead the responsibility of the landlord.
Renting allows some more flexibility with your current living situation than buying does. Renting allows you to move around if your situation changes quite easily, as opposed to buying which usually requires you to live there for at least a few years.
Cheaper insurance and utility costs
Renter’s insurance is much cheaper than homeowner’s insurance, and due to the simpler floorplans of rental homes, their inhabitants will have lower utility costs.
Varying property prices
Fluctuating property prices in various areas have a bigger effect on homeowners than they do renters (if at all).
Are there any other advantages to renting that you think we’ve missed? Let us know on Twitter @felicityjlord!