Are you looking to buy yourself a home? If you are, you’re diving into an ocean of commitment. Fortunately, living on rent does not offer you the stress of these commitments. Let’s discuss how.

You Can Save Money On Maintenance

Owning a home is exhausting as you have to deal with the constant maintenance of its premises. This can be very expensive. If you live on rent and damages occur to the home, such as a water pipe exploding, a door handle breaking off or one of the appliances giving in, you don’t have to pay to fix any of this. Instead, the homeowner has to. All you have to do is contact him.

You Don’t Have To Deal With Debt

Unfortunately, a common way people fall into debt is through the purchasing of a home. This is as buying one can take a lot of money, which many can’t afford. Thus, the only option would be to approach a bank for a home loan.

If you take a loan, you would have to take a large portion of your salary out every month to pay the debt off. This may last years to finish, not allowing you to save your income for retirement or for your children’s higher education.

The truth is that even if you take a loan to purchase the home, it is not yours until you finish the debt off. Rather it is the banks as they keep the property’s deeds as security. So, you’re basically still paying rent.

If you ever find yourself unable to pay the loan off, you will be in very big trouble. The bank will immediately seize your property as they are in possession of its deeds. They will sell it, evicting you from its premises. 

You Can Move With Ease

When you own a home, if disaster strikes and you have to move to another location, you can not do this as you have invested money into it. Thus, binding you to its premises. So, if you  leave, you’ll basically be flushing money down the drain.

This problem is not present when you look at houses for rent. You don’t own the home, so you can leave whenever you want. However, there may be restrictions in place as homeowners require whoever is on rent to sign a contract which may not allow you to leave until a year or two is gone.

Once the agreement is done you are free to go wherever you want which is a luxury that owning a home does not offer.

You Are Not Emotionally Attached

If something were to happen to the home, such as a storm ruining its roof,  you wouldn’t feel bad as you don’t own the house. However, the homeowner would be very upset as their property got ruined.

These reasons should be enough to show you how beneficial it is to live on rent. This is why many favour the option. So, what do you think?