Owning a house can be a great accomplishment, but if you try and do it too early in your life, you might be faced with mortgage payments that you can't honor. Here are five reasons to consider renting over owning a home.
There's a lot of pressure on young people to rush right into owning a home, even currently when the market is wonky and the economy is still recovering. In this country, there's an expectation for people to buy a home as soon as they can, but this traditional model just doesn't work for everyone. You shouldn't feel like it's necessary for you to own a home right away.
There's more of a movement now more than ever that supports renting instead of buying a home right away. People underestimate how much work owning a home can be. The responsibilities wrapped up in home ownership go far beyond the initial investment.
Why bother rushing into a mortgage when you can rent for a while longer? Renting is an excellent idea if you're not settled into your long-term career yet, or if you just don't want to be tied down to a particular place.
There are so many problems and troubles that come along with owning a home that you don't have to deal with as a renter. If you're interested in Boston luxury real estate, you should definitely consider renting rather than buying. It can make your life a whole lot easier ,and set you up for a much more comfortable situation in the future.
Here are the top five reasons why it would be better for you to rent, rather than own:
- With renting, you're only obligated to one place for a year at a time. This means that after a year, you can pick up and move without any questions asked. You can feel secure about getting out Scot-free if you need to for a job or personal reasons. Now that is the ultimate freedom right there!
- When you rent a home rather than buy it, you don't have to worry about interest accumulating at all. Payments are monthly, and it isn't as though you're paying off this huge loan. You're more in control of your finances when you rent.
- You don't need to worry about maintaining your house, as a renter. Instead, you can just call your superintendent or landlord to take care of repairs. This will save you a lot of time and money when it's someone else's financial responsibility, not yours.
- If something suddenly changes in your life, you want to be flexible when it comes to your finances. This flexibility isn't possible at all when you have a mortgage, but is when you're renting.
- Renting is safer because it is short term. That means that if the market suddenly shifts, you won't be in trouble in the long run because you won't be tied down to a particular property.
In the long run, renting may not be sustainable. But you shouldn't feel like owning a home is the first thing you need to do as an adult. You should take your time and wait until the time is right for you to buy a home. This will put you in a much better situation in the long term, because you won't be in over your head. Think about renting in Boston today!