We’ve all heard the argument: buying a home provides equity, and renting is like throwing money away. But, as those who rent know, it’s not always that simple. Sometimes, in fact, buying property is far less practical than temporarily renting a home.
Choosing between renting and buying can understandably be a tough decision, but as a rule of thumb, there are several situations that usually indicate renting will be the better option.
5 Reasons Why You Should Probably Rent
1. You’re Relocating For A New Career Change
If you’ve picked up and moved to an unfamiliar place for work, renting is probably wiser than buying. If things don’t work out as you’d hoped, whether that means you’d prefer a different neighborhood, different job, or a different region altogether, moving away will be much easier when you don’t have a house to put on the market.
2. You’re Continuing Your Education
Trying to study and further your career can be even more stressful than necessary when you have mortgage payments and property taxes constantly hanging over your head. Not to mention, depending on your field of study, you may need to relocate upon completing your coursework in order to find work; again, moving is always much easier when you don’t have worry about selling a property.
3. You’re Living Paycheck-to-Paycheck
If money is tight, buying a home could make matters worse. Instead, find a rental home within your budget to lease, so that you can enjoy peace of mind knowing your rent can’t increase for the time being. In the meantime, you can always look into changing jobs or relocating to a more affordable area so you can secure your financial situation in the future.
4. You Travel Frequently
Paying rent for a home that you’re not around to enjoy may sound wasteful initially, but remember: when you own a home, it’s up to you to maintain the property and keep up with repairs. If you’re out of town on a regular basis, you probably won’t have the time for tasks like mowing the lawn and cleaning the gutters, which are often the landlord’s responsibility, anyway.
5. You Just Took Out A Loan
If you recently took out a loan, getting a low-interest mortgage rate could prove to be challenging. Instead, you’ll be better off renting while you recoup your credit and, ideally, continue to save up for a down payment.
Check Out Homes For Rent in the Bay Area
As one of the most trusted names in property management, Intempus is constantly representing beautiful homes for rent in the Bay Area. Make sure you check out our active rental listings to see what’s available in your desired neighborhood.
For more information about our services, please get in touch with our knowledgeable staff today!