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4 Reasons You Should Rent Instead of Buy

Home ownership is often billed as smarter or cheaper than renting. While it does have its advantages- such as stability, equity gain, and appreciation - buying isn’t always the best option.

Here are four good reasons to rent.

1) No Maintenance and Repair Cost

Unlike ownership, When you rent a home, your landlord is responsible for all of that property’s maintenance and repair costs. Depending on the age and condition of the property, along with any unforeseen disasters, these costs can easily add up.

2) No Real Estate Taxes

Depending on the state, county, and municipality that you live in, these taxes can pose a significant burden on top of your mortgage and other costs.  

3) Flexibility

Things change, particularly when you’re a young professional. If in six or eight months you’re offered a fantastic job opportunity on the other side of the country, you don’t want to be stuck with a house you can’t afford or get rid of. Alternatively, if times get tough, renting also allows you to downsize more quickly.

4) No Big Down Payment

A rental security deposit of one or two months’ rent can sound pretty steep, but it’s nothing in comparison to the down payment you’ll have to make when purchasing a home. If you don’t have the savings to make that payment with enough left over for a few months’ mortgage payments, renting is almost always going to be a better option.

While renting is the right choice for a lot of people, so is buying, and if you want to explore that route just give me a call or schedule a free appointment on my website. Before you do, be sure to like, comment, subscribe, and share this post!

Talk soon.


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