Renting often gets a bad rep, with the general narrative favoring owning your own home. And while investing in property has a lot of benefits, it doesn’t mean it’s the most suitable choice for everyone, all the time. For a lot of people, renting is the only available option.
So to help combat some of the negativity around renting, here are some of the positive sides to it, helping you feel more confident in your choices and ready to make the most of it.
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It can be the cheaper option
One of the main pluses for renting versus buying a home is the cost. Rent is generally more affordable than a mortgage, and avoids the long-term financial commitment that can make some homeowners regret their choice. Renting from someone else means they’re responsible for their property, so you won’t have to worry about maintenance costs and the other expenses that can come with owning your own property.
If money is tight or you have a lack of savings for a deposit, renting is a great option that can still allow you to live where you want, without the high monthly costs.
It gives you flexibility
Renting is particularly popular with younger workers who are just finding their feet after college or high school. Renting gives you the flexibility to move around or pack up and go traveling, making the most of the time in your life where responsibilities are few and opportunity is everywhere. With short-term lease options available, you don’t have to stay somewhere for too long if you want to try another neighborhood, city or even country.
You can invest your money elsewhere
While owning a home is a great way to invest in your future, it isn’t the only form of investing. The money you could save by renting can be invested in plenty of real estate alternatives, helping you build wealth without a property portfolio. These investments could also be a way of growing your deposit, should you decide to invest in property further down the line.
There’s a lot of choice
Renting gives you options. Whether you want to live by yourself, try living with a partner or enjoy renting with friends, you can find a wide choice of properties to suit your needs. It’s also easier than ever to rent with a reputable landlord, thanks to rental review websites and easier access to information. Renting can help you narrow down what you really want and where you want to live, helping you try different things without a long-term commitment.
Owning your home has its benefits, but that doesn’t mean you should disregard renting completely. Renting can be a great choice in many situations, especially if you’re at a stage in your life where you want to avoid feeling tied down or want the flexibility of moving. With a lot of choice and cheaper monthly payments, renting could be the ideal solution for you for now, helping you live your life your way.