I'M MOVING OUT OF MY PARENTS HOUSE: PROS OF RENTING
I hear this a lot "I'm moving out of my parents house and renting a place on my own". I've always been taught to own before renting, unless it's do or die. For example, moving to a new city for a work opportunity or renting in university. Though I truly believe you get more for your buck when you own, we all know it's easier said then done. Today I will take you all through some PROS of renting. Everything in life is situational, it may be a better option for you at this time to rent then own.
Hope this help,
1) Low Maintenance
A big pro of renting is always have someone to complete maintenance projects in your home. As a owner if your heater system stops working it's on you to fix it. But when renting it is your landlords responsibility to find the funds to fix any issues. This will save you a lot of money and stress in the long run.
A big pro of renting is always have someone to complete maintenance projects in your home. As a owner if your heater system stops working it's on you to fix it. But when renting it is your landlords responsibility to find the funds to fix any issues. This will save you a lot of money and stress in the long run.
2) No Market Risks
Secondly, you do not have to worry about selling. You don't have to deal with issues around profiting from your property when its time to move. You don't have to stress about your property depreciating in value when the market crashes.
3) Smaller Deposit
Most landlords will get you to put down last months rent to secure your spot, this may be upwards to $3000 vs. the $30,000- $100,000 individuals have to put down for a down payment on a house.
Most landlords will get you to put down last months rent to secure your spot, this may be upwards to $3000 vs. the $30,000- $100,000 individuals have to put down for a down payment on a house.
4) Flexibility and Change
You can leave really whenever you want, you will usually sign a 8-12 month lease. This gives you freedom to change locations every year if you decide you want a bigger place or a safer neighborhood. This differs from owning a property that sometimes takes over a year to sell and close.
You can leave really whenever you want, you will usually sign a 8-12 month lease. This gives you freedom to change locations every year if you decide you want a bigger place or a safer neighborhood. This differs from owning a property that sometimes takes over a year to sell and close.
5) Amenities and Utilities
Many apartment complexes or town house divisions will come with various amenities such as a pool or gym. As a homeowner, unless you have the money to build a gym and pool at your house you end up with this expensive. If you're lucky utilities are included in your rent where as homeowners pay electrical and hydro bills on top of their mortgage.
6) More Investments
With less expenses than homeowners you have the ability to put your money into other investments that yield better returns. For example, the stock market, peer to peer lending programs and small businesses.
6) More Investments
With less expenses than homeowners you have the ability to put your money into other investments that yield better returns. For example, the stock market, peer to peer lending programs and small businesses.
All the best,
-Coll
-Coll