5 reasons renting is better than buying

Many experts argue whether renting is better or buying a property in this current economy. They base their claim that buying requires a lot of expenses which an average person can’t afford (mortgage payments, insurance, taxes…etc.). Renting instead, requires only the monthly payments that you need to give to the home owner. While it’s really hard to set an exact rule to this debate, each situation requires a different approach. However, in today’s unstable economy where people lose their jobs every day, it’s good to consider safer options. If you want to know why renting is far better than buying for most people, then here are five reasons for that: 1- It doesn’t have any additional expenses: For today’s average person, being a home owner means one thing, a lot of expenses. Some of these expenses include mortgage payments, taxes and insurance in addition to repairs and maintenance if something goes wrong. Renting, on the other hand, have way less expenses because the only thing you need to afford is your rent and nothing more. 2- Lesser variables: What I like about renting is that you don’t have to bother yourself with anything besides your monthly payments. Even if you happen to have a problem with the property (roof, structure, electricity, plumbing…etc.), the home owner is the one who is going to take care of everything. 3- No mortgage payments: This is probably the most relieving reason for many people. While there are some people who get their homes from their own money; the rest of us are really struggling with mortgage payments each month. I like to think of mortgages as making commitments which we know that we are going to struggle to maintain. When renting, you don’t actually have to handle all that stress because it’s simply safer and easier. 4- Your job requires that: If you happen to have a job that requires you to move too much, then renting should definitely be your first choice. This way, you could save yourself the headache of buying and selling each time. 5- It’s better: There are many experts who always emphasize on the fact that renting saves you a lot of money on the long run in contradiction to what most people think. Another indicator of this will definitely be the rising number of foreclosures every day. If you are not sure of how much stability your job has, then don’t take the risks and consider renting instead.