What are some benefits of renting instead of home ownership?
One of my favorite things about renting was during the fall and winter, I didn't have to worry about snow removal or leaf raking (my two least favorite chores)... I could just sit by my window and watch someone else take care of it... haha
Maintenance. I hate maintaining my home. I wish I had not bought my home and just rented a nice place instead. That way, someone else would be responsible for the maintenance.
2008: The fall of the housing market. In 2007 I had equity in my home. Meaning my home was worth more than what I owed on the mortgage. After the disastrous fall of the housing market that started in 2008, my home was worth less than what I owed.
These are my two biggest reasons to support renting vs. buying a home.
Renting is not necessarily bad. Aside from the lack of property maintenance and the costs associated with it, if you're saving money every month...that's a positive. When your rent is equal to the mortgage payment on a place you might own, it may not pay. The mortgage may be tax deductible and usually is. The property value will increase over a long enough period and you build equity as a homeowner if you stay for an extended period . However many people can rent for a lot less than the monthly mortgage payment available on a home purchase. And the extra cash flow can reduce taxes in other ways, such as a 401k or IRA contribution. It is very case specific. But too many people by property because they just think that is what you should do. It's not always appropriate. In general, if you're new to an area, or expecting a number of life changes...such as marriage...kids etc. I would rent and bank the savings. If you're renting and not saving money...you've got bigger problems. Unless of course you're a young kid just starting out.
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What are the benefits of home ownership instead of renting?
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