Everyone is saying it, there will ‘never be a better time to buy a home than right now.’ Buying a house might make perfect sense on paper, but that doesn’t mean it’s the right decision for you. Here are four excellent reasons to continue to rent and to ignore the experts who tell you you’re wasting your money:
Location, location, location
There’s a reason why these are the three most important factors in real estate — generally, the closer a home is to attractive amenities, the more expensive it will be. In many cities, that means the affordable homes are either in the suburbs or require extensive renovation.
So, if living in the city and being able to walk to local shops is important to you, then you’re probably going to prefer to rent. Considering the fact that you have to be happy in your neighborhood, as well as in your home, this is an excellent reason to forgo home ownership for the time being.
More cash flow
You can often rent more home than you could buy with the same money, not to mention the amount of cash you need for the down payment, closing costs, and ongoing maintenance issues. If you’re hoping to keep your cash available for a potential business, for ongoing education, to weather an upcoming career change, or for retirement, then it makes sense to rent an apartment in Ridgeland, SC so that your money isn’t tied up when you need it.
A focus on simplicity
You tend to fill the space you have with “stuff”. If you prefer to live a modest and simple life, renting a smaller place than you could afford to own is a great idea.
Not only does this make you to think more about your, but it also allows you to simplify your financial life. You’ll be able to only worry your monthly rent and send all the money you save into investments or retirement. It’s a win-win.
It’s a mistake to buy any home that you don’t, or can’t, plan to live in for at least five years and this is particularly true since the housing crash. Some renters know that their lives will be up in the air because of potential relocation or other changes, and other renters may simply feel uncomfortable setting down roots just now.
There’s nothing wrong with wanting the sense of freedom and mobility that renting provides. Buying a house should be an economic decision and it should feel right for where you are in your life.
The bottom line
Home ownership isn’t the right decision for everyone, which is why it can be frustrating to hear people describe renting as “throwing money away.” Whether you rent, own, or are looking to buy, the important thing is to make your decisions based on what’s best for you and your situation, rather than on generic advice.
For more information on renting in Ridgeland, SC, contact Auston Chase.