Read on Twitter
Home ownership is still the goal and the dream for North Americans...
But it shouldn't be.
>> 6 BENEFITS of Renting <<
|| THREAD ||
But it shouldn't be.
>> 6 BENEFITS of Renting <<
|| THREAD ||
1. Low Barrier to Entry.
No down payment required.
Rent rates are increasing slower than house prices.
A house may require 20% down and a large mortgage.
20% down isn't possible for many, and it's becoming less so.
To rent, just pay first and last month's rent and you're in.
No down payment required.
Rent rates are increasing slower than house prices.
A house may require 20% down and a large mortgage.
20% down isn't possible for many, and it's becoming less so.
To rent, just pay first and last month's rent and you're in.
2. No Maintenance.
Just think of being able to avoid:
- Painting.
- Updates.
- Shovelling.
- Yard upkeep.
- Unexpected costs.
- Replacing your roof.
- Worrying about something going wrong.
When you rent, you call your landlord. It's their problem.
No stress.
Just think of being able to avoid:
- Painting.
- Updates.
- Shovelling.
- Yard upkeep.
- Unexpected costs.
- Replacing your roof.
- Worrying about something going wrong.
When you rent, you call your landlord. It's their problem.
No stress.
3. Fixed Housing Costs.
When renting, grab a place with all-inclusive rent.
You'll know what you're paying every month.
You don't have that with a house.
Your costs vary based on utility costs and maintenance needs. If you have a variable mortgage, that will fluctuate too.
When renting, grab a place with all-inclusive rent.
You'll know what you're paying every month.
You don't have that with a house.
Your costs vary based on utility costs and maintenance needs. If you have a variable mortgage, that will fluctuate too.
4. You're Liquid.
Houses are illiquid assets.
They are valuable, but they are not quickly sold and real estate commissions/legal fees are high.
When you rent, you free up that money to invest or reinforce your Emergency Fund.
Having financial liquidity is a gamechanger.
Houses are illiquid assets.
They are valuable, but they are not quickly sold and real estate commissions/legal fees are high.
When you rent, you free up that money to invest or reinforce your Emergency Fund.
Having financial liquidity is a gamechanger.
5. Less Debt.
No house = no mortgage!
A mortgage is the biggest piece of debt you'll ever have.
You're paying a lender for years and years.
You don't have this debt burden if you are renting because a rent payment isn't a loan with interest attached.
No house = no mortgage!
A mortgage is the biggest piece of debt you'll ever have.
You're paying a lender for years and years.
You don't have this debt burden if you are renting because a rent payment isn't a loan with interest attached.
6. Freedom to Move.
If you land a new job, want to downsize, or just want to live elsewhere, just give your 60 days' notice and go.
You can't do this with a house.
You tie yourself to a geographic area.
For some, this isn't an option.
If you land a new job, want to downsize, or just want to live elsewhere, just give your 60 days' notice and go.
You can't do this with a house.
You tie yourself to a geographic area.
For some, this isn't an option.
Regardless of your choice, whether renting or ownership, know what's best for you.
But times are changing.
For many nowadays, especially in HCOL markets or where housing markets are white-hot, that just isn't home ownership anymore.
Embrace the benefits of being a renter.
But times are changing.
For many nowadays, especially in HCOL markets or where housing markets are white-hot, that just isn't home ownership anymore.
Embrace the benefits of being a renter.
