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Sometimes it Makes More Sense to Rent than Buy a Home

24 October 2017 No Comment

As a child you were taught that it was always best to own your own home. In many ways, this old cliché is still true. If you want to build equity, it’s certainly better to own the items that you earn your rating on. However, there are always exceptions to the rule. This is particularly true when you are in a situation where you simply aren’t in a position to become a home buyer. In these cases, renting, rather than making an outright purchase of, a home is the logical solution for you to adopt. Thanks to certain services, such as Invitation Homes, renting is easier than ever.

Why is it Better in Some Cases to Rent a Home?

In some cases, it is simply more convenient and advantageous to rent, rather than buy, a home. You may be in a situation where you will not – because you cannot – be staying long in one location. For example, you may be a member of the military who prefers to live in a separate home rather than on base. In this situation, it makes sense for you to rent a house for however long you need it rather than tying yourself down to a long term mortgage. There’s no sense in even considering buying a home since you won’t be living in it after you are called by circumstances to a whole new part of the world.

Renting a Home Gives You the Convenience of a Short Lease

Another reason to consider renting a home from a professional agent, such as Invitation Homes housing, is the convenience this gives you in regard to your lease. If you know that you will only need a home in a particular area for a certain amount of time, you can negotiate a rental agreement that will fit your requirements. This gives you the freedom of being able to bring the lease to an end when it’s time for you to move on, rather than being tied to a long term lease that will see you paying for a home you aren’t even living in any longer.

Renting, Rather Than Buying, a Home Will Save You Money

One of the most important reasons to consider renting, rather than buying, a home is the money that you will be able to save. You won’t have to put a down payment on a mortgage for the home you are renting. You also won’t have to worry about being on the hook for property taxes. In many cases, the cost of utilities at the home you are staying in will be covered under the terms of the rental agreement. This will save you a great deal of money in the long term that you can use for other purposes.

Renting a Home is Good Practice for Owning a Home in the Future

Perhaps the most important benefit that can come from renting a home is the practice you will get for one day owning one. You will certainly learn how to budget your expenses so that you can cover your rent while meeting your other needs. You will learn how to take care of your property and how to build up an excellent credit rating for a future loan.

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