Explained: The Advantages Of Renting Over Buying

In the fast-moving economy, the world seems to be going through a series of changes. However, what remains the same are the dreams and aspirations of the people. There are a certain things people have in common when it comes to their wish-list. This might include owning their dream car, going to their favorite country for a holiday and of course, owning a home.

People spend years and years of their lives trying to save up for their dream home. But have you ever asked your peers if it is really worth it? Well, the truth is, it is not! And today we will tell you 5 compelling reasons that will change your mind.

1. Maintenance costs

Sure you want to move into a large home that has different bedrooms for all three of your kids. However, that isn’t going to stay as it looks today. The property eventually starts showing signs of wear and tear eventually and might demand regular maintenance work. It could be something as insignificant as a broken door handle or your children displaying their art capabilities on the bedroom walls. The truth is, you will have to shed out small amounts of money now and then which might amount to a significant sum in the long run.

2. Additional amenities

When you build a home, you have to go through a series of budget alterations. This is because building a house brings along some unprecedented charges that are hard to avoid. Naturally, you end up cutting costs and eliminating many features that you once thought of.

Renting an apartment or a condo can give you access to additional amenities. You might get to share a swimming pool, fitness center or even a playground for the kids. Who would want to pass up on that?

3. More cash on hand

Just imagine what a life without debt would look like. You wouldn’t have to worry about paying the installments that keep you from going on a holiday. You eventually have more cash on hand that you can use to do stuff you like. You can get on a plane every now and then to strike off places from your bucket list. Or you can satisfy the motorist in you by getting the ride you’ve always wanted.

4. No 'market fluctuations'

Once you own a home, you always worry about how much you would make if you wanted to sell it. With renting there is no such thing as market fluctuations. You keep paying the rent you agreed on the lease with only a feeble annual increase. This is significantly better than losing considerable amounts of money to a steep fall in the market.

5. Flexibility

The best thing about renting a home is that you are never bound to anything. So if you are worried about the school being too far for your kids, you can promptly look for a property in that vicinity.

These above mentioned points make up for some of the best reasons as to why renting is better than buying a home.

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