Why to Rent Instead of Buy

Though owning one's own home is a common lifelong goal, there are several reasons it may be better to rent instead of buying. Once families built their homes, but today it's more common to buy it from someone else. While buying may have financial advantages, when the economy is poor it's renters who benefit the most. To start, rental homes don't have maintenance costs or repair bills, these are all the responsibilities of the landlord. Another perk is access to amenities like pools, fitness centers and other luxuries that upscale apartment complexes can offer without additional charge, whereas a homeowner would have to pay thousands.

Renters also don't have to pay real estate taxes, which can be a hefty burden, and speaking of expenses, they also don't have to make a large down payment. Today's shaky market is creating more renters and if you are a renter there is less stress about the fluctuating market value with many homes decreasing in property value. Other expenses renters have in their favor are lower insurance and utility costs, plus a fixed rent amount. The fact is times are changing and today renting may be an option to reconsider.