Owning a home has many benefits, but you have to pay property taxes, maintenance, and insurance. And although over time, you’ll be able to sell your house for a higher price than the initial cost, you’ll hardly get back the investment made over the years in repairs and maintenance fees.
After 17 years in business, Milwaukee House Solutions has seen how many people regret buying a home instead of continuing to pay rent. Let’s review five reasons why renting may be better than owning a house.
1. Financial Flexibility
Owning a house is forced savings; you need to guarantee the money every month to pay your mortgage, forcing you to build equity. And although when renting, you also need to save up money to pay rent, it’s usually much less than a mortgage payment.
2. More Room for Savings
Renting gives you more room for savings. When you have your own house, there are other expenses, like insurance and property taxes, that you need to take care of in addition to your mortgage. Those expenses are usually about 40% of your monthly mortgage payment. Instead of spending so much money on a house, renting gives you the chance to save money or invest it on other things that are more likely to grow in value, such as bonds and stocks.
3. Moving to a New Place
Renting won’t bind you as much as owning a house. When it comes to moving to a new place, it’s more simple to stop your lending contract than having to deal with your house, whether it’s selling it or putting it up for rent.
4. Access to Luxuries or Nicer Places
Renters are usually able to afford a nicer place to live, with more luxuries. Having your own pool and gym, for example, is expensive, and not worth the money when you think about their low usage. While renting, however, you can enjoy luxuries for a low price.
5. Paying for Repairs
Another advantage of renting is that you don’t have to worry about repairs. Whenever something stops working, water and sewer service is needed, a flood happens, or the house requires maintenance and repairs, the landlord pays for it.
It’s The Moment To Sell Your Home
If you own a home, it’s probably the moment to sell it and start renting somewhere else. Start investing your money in something with a more significant return and forget about being tied up for years to a mortgage loan. Milwaukee House Solutions can help you by buying your home fast and at a fair price.