Renting a home may be more economical for you and your family.
Right Facing Red For Rent Real Estate Sign in Front of Beautiful House.
The American dream boils down homeownership. However, much of the population is struggling to find a career that can provide financial stability, forcing those dreams to be substantially delayed. There is an alternative however, coming in the form of renting a home rather than buying. Here are some of the benefits of why renting a home can be beneficial for your lifestyle.
Opt-Out
It’s much harder to get rid of a home that has been bought than one that has been rented. Because you’re renting a home, you’ll be on a lease. If the restrictions of the lease don’t bind you to at least 6 months to a year, you can opt out and pursue another form of residency. However, be sure that you reread the contract so you don’t lose out on a portion, or all, of your security deposit – which is usually one month’s worth of rent.
Frees Up Finances
The cost of owning a home far surpasses that of renting one. There’s the mortgage, the property taxes, down payment, and additional funds needed to own a home. Many homeowners today struggle to keep their home due to financial situations and instability. Before purchasing a home, it’s crucial that you are aware of your financial standing. It may be more economical to rent a home versus actually buying one. And, you won’t always have to live in a rented home for the rest of your life. Once finances become more free-flowing, you can openly pursue a home and opt-out of the lease.
Kuba Jewgieniew is the head of Realty ONE Group, a real estate firm that has nearly 5,000 associates in three different states.