No money to buy a house? Rent a house then. Believe that you’ll not feeling strange of these sentence. Most of the young people are facing the same problem — can’t afford for a house so they rent a house as their living place. I understand that save money for a house’s down payment is never easy, and even it can increase your burden if you own a house. Rent a house seem a good choice for current market, however, you’ll still need to save money to buy a house as you can’t rent a house forever.
You may wondering whether renting makes more sense than buying a house which according to your current financial status? In this articles, we help you to evaluate the advantages and disadvantages of renting a house;
Advantages of Renting
1. No Responsibility for Maintenance or Repairs
2. Relocating Is Easier
3. No Exposure to Real Estate Market
4. Credit Requirements Generally Less Strict
5. Some Utilities May Be Included
As a renter, above 5 thins that you’re no need to worry about. All of these things you can just throw to your landlord to take care of. Other than that, you can save money too and you can either use your savings to buy your own house in the future or invest in somethings else like stocks.
Disadvantages of Renting
1. No Equity Building
2. No Federal Tax Benefits
3. Limited Control Over Ongoing Housing Costs
4. Limited Housing Security
5. Unable To Renew Your Lease On The Same Or Similar Term
While the disadvantages of renting a house is you don’t own that home legally and you can’t receive the incentives from the property itself. Besides, if you want to renovate the home, wall painting and etc, you will need to get landlord consent before doing it.
For me, I rather work hard to save more money for down payment to purchase a house. Because renting a house is just helping the landlord to pay off the house installment. In addition, you are unable to maintain the annual rents as the landlord will increase the rent every year. But there is no choice for the people who working out of state, then you should be a smart renter by rent a house with your friends so can lesser your burden or rent a smaller space.