10 Benefits of renting a house instead of owning it
After owning a home and being very DIY about maintenance I am living in a rental house now. There are more benefits than I thought! I will have to make another list of 10 benefits to owning a house as well.
1. Lawn and pool service are included in the rent
I have not historically paid for these services on my own property but this is a great perk I don't miss that at all.
2. You don’t have to fix anything
The landlord does/ should.
3. You don’t have to spend time thinking about how you will improve the house
We bought and lived in a "fixer upper" for 25 years. We were always discussing how we should move a wall or replace the carpet or update the bathroom. In the rental we just deal with it.
4. You don’t have a commitment to stay
If your circumstances change you can bounce!
5. You get to “try things out”
For example we have a gas stove in the rental. I can see why people like it but we will probably go with electric in the future.
6. You don’t have surprise expenses
Renting costs more month by month BUT you don't have huge expenses like suddenly needing to buy a new air conditioner or roof.
7. In a rental the house itself is less important in your life and you focus on other things
Owning a home can be great but it is time consuming compared to renting: not only on the maintenance but in the head space that it takes up.
8. It puts the importance of a building in perspective as an ingredient to a “home”
Your home is your family, your pets and your lifestyle. The building is not that important.
9. Instead of saving money for a down payment to a house you could save money as a down payment on a business
Invest in an asset instead of a liability (a house).
10. You can live in a more expensive area (FROM AI)
Renting a house in a more expensive area can be more feasible than buying a house in the same area. This allows you to experience the benefits of living in a high-end location without the commitment of a long-term investment. (good point! you might be able to afford a $5k a month rent but no the $300k down payment that you might need.)