Many people think that purchasing a new home is something that we all need to do. But, we don’t necessarily need to buy a property. There are a lot of people who would be better off renting. Why is this?
You Can Get Nicer Stuff
If you think that, in order to get by in life you need your own home, which means that you will need to install a swimming pool, a garage, and all of the nice things you have dreamt about, you must remember that these things cost money. Therefore, if you start plowing all of your earnings into building up a home, you don’t have surplus funds for getting nice stuff. Renting means you can’t pay for a swimming pool in your rental property, so you might as well spend it on nicer things!
Renters Have More Flexibility
If you want to leave, all you need to do is give the requisite notice. When you own a property, you can struggle, especially if the property loses equity or value arising from a recession. Renters have the luxury of moving to somewhere cheaper without having to pay a mortgage or sell assets.
It Can Be Cheaper!
If you look at the infographic below, you can see how it’s easy to get renters insurance, and when you compare this to the costs of owning a home, such as a mortgage, and the wide variety of policies that are tied into the property is part of the mortgage, renting can be a significantly cheaper alternative.
Infographic by Cheap Insurance Facts About Renters Insurance