This one is simple, so let’s get to it – three reasons why you should rent even in you can afford to buy:
- Maybe you don’t love yard work or snow duties. Maybe you’re tired of making home repairs. How about the pleasure of an apartment staff that will water your plants or feed your cat while you’re gone? Part of the pursuit of happiness may not include sweating it out mowing the lawn.
- The benefits of home ownership may be overstated. Homes are great investments until they’re not. It’s assumed that home prices will always appreciate, but sometimes they don’t. And there are hidden costs that are often overlooked in home ownership. Taxes, utilities, insurance, repairs, home owner association fees and home improvements all add up. In 2022, the average home owner paid $15,000 in addition to their mortgage for these costs according to Clever Real Estate.
- The future may be uncertain. You may get a transfer. Or you might get married. Or you may get the itch to move into the mountains or by the beach. In any case, any present housing needs you have may be temporary. If so, maybe it’s better to rent.
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