4. You know what you pay each month
It comes as no surprise that many of the advantages of renting vs. buying a home are financial. Even though you don’t have a lot of independence in terms of house remodeling and decoration, think of it as a way to save some money. You already know how much your rent is, and you also have a general idea of what bills cost, so you won’t have any huge surprises.
But when you’re the owner of a place, things are pretty much different. That’s because interest rates might fluctuate over time, going up or down without the owner’s influence, depending on the conditions of a mortgage. The same thing applies to property taxes as well, which almost always oscillate.
When you sign a lease, you agree to a monthly amount of money that you have to pay for the full term of your contract. The good thing is that the only fluctuating costs you might have to worry about are paying more for electricity or heating.
5 Responses
You will never make any money renting. I firmly disagree with this article. My wealth came from purchasing and renting real estate.
I think it’s good idea to rent insted bying a house you make point about that there is a big diference to sell a house , to rent one . moving from one state to an order state rent is easier then bying !!!
I’ve lived in an apartment for the last 10 years after being a homeowner for many, many years. The one thing I would add to your list for older adults is safety living in a secure building.
Agree with that statement. Older adults need to be aware of their surroundings, especially when living in a place where there are many people you are unfamiliar with. Thank you.
When you rent, you are at the mercy of the landlord. Some landlords are in no hurry to fix things.