Renting vs Buying a House: The Advantages of Renting

The question of whether to rent or buy a house is something many people ask themselves at some point. It can come down to personal preference, your finances, and your lifestyle. While ultimately, you’re looking for somewhere to put a roof over your head, there are many factors to consider for renting vs buying a house.

Everyone is different, but there could be a more suitable option for you based on your circumstances and future plans. Understanding the benefits of both renting and buying a house could help you make a firm decision as to what to do about your living situation.

Benefits of renting vs. homeownership

Some of the main benefits of renting a house include:

• Fewer running costs associated with your home such as maintenance and repairs.
• Flexibility to move.
• Saves on the stress and cost of buying.
• The process of finding somewhere to rent can be much quicker than buying a property.
• Easier to get on the rental ladder due to the lower initial down payment.
• You don’t have to worry about the value of your home decreasing and resulting in negative equity.

Renting can be a fantastic solution if you’re looking to live somewhere for a fixed period of time, or want to live with a partner before committing to buying with them.

Benefits of buying

Some of the main benefits of buying a house and having a mortgage include:

• The house is yours to do as you please.
• Once you’ve paid off the mortgage, the property is yours.
• You could stand to make a lot of money if your home goes up in value.
• Owning a home can cost less than paying rent.

Many people see buying a home as an investment, which can be true if things go in your favor. Instead of paying a landlord money, the money comes back to you as equity in your home.

Could renting a home be the best choice for you? 

Many people shy away from the idea of renting, seeing it as ‘wasted money’ when you could be investing it in your own property. However, the true cost of homeownership means that there are hidden costs that could make renting a more tempting option. Having a roof over your head is important, and that’s what you’re paying for at the end of the day. Homeownership isn’t for everyone, and having the flexibility to move location, upsize/downsize as you please can be very appealing.

In some cases, the cost of owning a home could be less over your lifetime. If you tend to move frequently (less than every five years), then the costs that come with moving could mean that you’re no better off financially. You could try the New York Times' rent or buy calculator to help you work out which is best for you - the answer might surprise you.

If the advantages of renting sounds more appealing to you, see what we have available at A Superior Property Management Company. We have a range of properties looking for tenants that soon could be your new home. Take at look a our current rentals in Central Oregon <= Click  Here.