Introduction:The American Dream may promote home ownership as the only way to go, but that doesn't mean it makes the most sense.
As we have learned from the most recent economic downturn, many people were in WAY over their heads with their mortgages. In many cases, the monthly payments on the mortgage could have equaled a decent apartment payment!
That's right, no mowing the lawn, plowing the driveway (assuming you have snow), or maintaining the exterior at all. The everyday troubles of maintaining a home are not yours! Just check the fine print of the contract to make sure....
While it varies from state to state, you will generally not be responsible for taxes on the space you rent. Whoever owns the property may or may not factor taxes in, however, but renting means you do not have to deal with all the tax paperwork.
When you rent a home (or apartment or condo) you are not tied down to one locality. A home owner is encumbered with what usually is their single largest liability (their home). Unless you own a trailer, that home can't just leave with you when you want to move to Florida or Alaska or Timbuktu. You have to go through the process of putting it on the market (maybe at a poor time to sell) and waiting for the right over to come through. A renter can usually give 1 month (or 90 day) notice, depending on the contract and can move in a relatively short period of time if they need to.
If the heater breaks in the basement or the pipe bursts in the kitchen, it STILL is a headache, but not as much of one as it would be if you had to pay out of pocket for the repairs. Your landlord is responsible for ensuring the major appliances and utilities that came with the property are in good working order.
Renting is not for everyone, but it is severely under-rated. Look over this list and apply it to your own personal circumstances. It is a worthy option to consider.
select one here...