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There are times when renting can be a more a better housing option than
ownership, especially when the real estate prices are decreasing. Also, as our
culture’s ideal shifts from the traditional “American Dream” to a more mobile
and on-the-go society, many are finding that renting is the most appropriate
lifestyle option. This are some reasons why:
Flexibility
Considering that according to the Bureau of Labor Statistics the average
American changes jobs an average of nine times before age 34, many are not
interested in settling down on a job for the rest of their lives after coming
out of college. Not being tied to a thirty-year mortgage certainly opens
up the options for career/lifestyle changers. Furthermore, a study at the
University of Chicago reports that Households will move further away from the
family-structure model of a stay-at-home mother, working father, and children.
Change is the only constant, and renting meets the needs of a changing culture
better than owning a home.
Less Risk
In a period of economic uncertainty such as the one we live in, the motivation
to rent is stronger, and for many, the obvious choice. Renting is less risky
than owning and far less stressful. The costs of selling a home could be a
considerable hassle, and the risk of unforeseen moves greatly increases owners’
costs.
Lower Costs
The costs of renting a home are generally less than the monthly expenses of
owning the same home. Aside from the obvious appeal, consider the following
benefits:
Renting can relieve the pressure to earn a large income or require more than one
income.
Renting can free up “down payment” savings for other investments in different
areas. In fact, when invested properly, these savings (by renting) can make it
possible to meet several other financial goals.
Free Time
With Americans facing the ever-increasing struggle between work and life
activities, there is an appeal for freedom from homeowner related
responsibilities. With relatively limited free time and greater accessibility to
leisure pursuits, many opt for playing – not working on the house. Some have
time for both, but when forced to make a choice, many are choosing to spend more
time living their lives and less time repairing and maintaining properties.
Simplify
Renting is a lot simpler than owning - no repairs, taxes, mortgages, or
maintenance to worry about. Some authors have the theory that that home
ownership is conducive to accumulation of material items and consumerism. It
makes sense to add the interesting point that apartment communities use land
more efficiently and help prevent sprawl. Not to mention the accommodation of
overpopulated communities. Renting offers specific benefits to people who are in
transition periods such as changing careers or going back to school. Renting
also offers specific benefits to those who have time-consuming hobbies or major
interests outside of the reality of the “homeowner-related activities.”
Basically, renting offers a sense of real freedom.
459 Herndon Parkway, Ste 22, Herndon, VA 20170
Toll Free (877) 576-3450
♦ T(703) 430-4585
F(703) 997-5519 ♦
info@aderesmanagement.com
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