Owning a home has always been a part of the American Dream. Sadly, that dream isn’t going to come true for everyone and finding alternatives has become necessary. That’s why if you’re wanting to own home, but don’t think it’s the best decision here are some ways renting a home is better than owning one.
Renting helps you avoid some major expenses:
One of the best reasons why renting a home is better than buying one is because of the money you save on maintenance. Things like a new roof and gutters can cost over $7,000. And something as seemingly simple as a crack in her living room ceiling cost almost $4,000.
When you buy a house, condo, or apartment, you’ll also need to be saving for repairs. With renting, you’re not responsible for upkeep and maintenance.
There’s no down payment needed:
Business Insider reports that even modestly priced cities across the U.S. will take median income earners over 10 years to save for a 20% down payment. While renters might need to save a security deposit, it’s bound to be considerably less than a down payment and closing costs.