For a long time, the American Dream has been to get married, have kids, and own a home with a white picket fence. But we’re long past the 1950s, and this type of dream just doesn’t work for everyone.
Lots of people are now waiting until they’re older to get married and have kids, some are choosing not to have kids altogether. Plus, not everyone wants to be a homeowner. It’s not always the right choice.
Let’s take a closer look at some of the reasons many people are opting to rent instead of purchase a home.
1) Buying a home is a big commitment
It can take time to decide on a town you want to set up roots in. There are lots of people who prefer a more nomadic lifestyle, not being tied down to one town for a long time. This type of lifestyle will probably grow in popularity, as more people work remotely. By choosing a home, it’s hard to get up and move. Sure, renting requires some type of lease, but once that lease is up, you’re free to move on. If you own a home, it can take longer for you to move on. You need to list the home, find a buyer, then go through the whole sales process. It can be painstaking to get up and go. If you’re someone who doesn’t want to settle down, renting is worth considering.
2) Homeownership requires maintenance
The other thing about homes is that they require a lot of maintenance, especially if you get a fixer-upper. Even if you buy a home that’s in good shape, you’ll eventually have maintenance issues to attend to. If you’re not handy, this can get expensive fast. And, even if you are handy, it can become rather time-consuming. If you rent a home, there are fewer repairs to worry about. Depending on where you rent, you may not even have to worry about mowing the lawn. That’s a big timesaver in and of itself.
3) Buying a home isn’t ideal if you’re new to the area
Sometimes people just aren’t ready to buy a home. When someone is moving to a new area, they often need some time to get to know the location. Maybe they accepted a new job out of town and want to see if they really like it there before they settle down. Or, maybe they’re moving to be closer to someone they’re dating. No matter the reason, renting is often a safer choice when you’re new to an area. It gives you time to figure out what part of the town you like best or if the new location is right for you and your lifestyle.
4) Buying a home is expensive
Sometimes, people choose not to buy a home because of the costs involved. You need a down payment to buy a home, then you’re on the hook for a mortgage. Let’s not forget about additional expenses, like real estate taxes and homeowners insurance. That’s not even considering routine maintenance or the monthly utilities.
5) Buying a home doesn’t offer as many amenities
Some rentals offer some very nice amenities that are hard to turn down. Many people choose to rent because they desire concierge service or the ability to use an onsite fitness center, for example. They choose to rent because it aligns with their lifestyle and needs.
6) It’s harder to find a home in the city
Some people choose to rent because the unit is close to activities and events or is a short distance from their office.. Apartments are easier to come by in big cities than homes. Plus, if a person is looking to live in the city, then it’s often easier to rent than it is to find a single-family home in the suburbs.
Sure, homeownership may be the right choice for some. For example, those who want a larger place and are hoping to settle down somewhere for years. People who are handy may also enjoy having projects to keep them busy. They may also like the idea of building equity. There are many reasons someone may choose to go the traditional route and there’s nothing wrong with that. It’s just not for everyone.
For some, homeownership is just not as appealing as renting. You have to determine what is best for your lifestyle and situation. Consider the pros and cons and then decide what works for you in the current moment. Down the road, you can always change your mind. Because what works for you now could change in the future, and that’s okay too.
Just a quick tip, if you do go looking for a rental, find one that partners with a great property management company like PMI: https://www.propertymanagementinc.com/. This is a good way to make sure you’re needs are taken care of.
