When Renting is Better Than Buying

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When Renting is Better Than Buying

Everybody needs a place to stay, whether you are renting or buying. Most people aspire to become homeowners someday. However, the journey to homeownership is riddled with financial hurdles for the majority. Mortgage Broker in London can help you acquire a home. As a result, most people live as tenants for a greater part of their lives until their financial status allows them to own homes. Many people rent homes out of necessity, despite a longing desire to own a home and spend a good part of their tenancy feeling frustrated.

But is the grass always greener on the other side? Not always. On the opposite side is a group of disgruntled homeowners whose finances are in a rut due to mortgage loan repayments. Despite the satisfaction of homeownership, some buyers wallow in remorse throughout the repayment period, which can span decades. This begs the question when is renting better than buying a home? Here are some instances that make it necessary to live in a rental home rather than buying one.

Image by F.Muhammad

The Need For Flexibility
The world keeps evolving and nothing seems certain anymore. Companies change location to more favorable locations with short notice. With few employment opportunities available for a large pool of overqualified job-seekers, you might have to vacate your home to follow your employer to their new location. Renting is also a great option if you are open to better employment chances, regardless of location.
Additionally, disasters like flooding and wildfires are becoming more prevalent in the modern age. There is no telling when you need to vacate your home. It becomes even more problematic when leaving a home that you own behind. However, with renting, you can pack and go wherever circumstances dictate with less inconvenience. In the face of uncertainty, renting remains the most convenient option.

Where Rent is Cheaper Than Mortgage Repayments
Life is full of paradoxes, and one that puzzles many people is the reality that rent payments are often much cheaper than monthly mortgage repayments in many locations. This deters many aspiring homeowners from making a purchase, especially when the difference is significant. This is the case in many upmarket neighborhoods where home prices are at an all-time high.

Factoring the cost of monthly mortgage repayments you would be expected to pay versus your monthly rent is a sure way to gauge your financial muscle. It is prudent to live under your means and if you have to stretch your comfort further, do it with a lot of consideration. A large mortgage repayment amount can leave you in a rut and take the joy out of homeownership.

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Hands-Free Living
Living in a rental is a seamless experience once you have settled. Anytime there is a problem with the fixtures, you can sit back and watch the homeowner or their management agency do their magic. However, this is not the case with homeownership. Buying a home comes with added responsibilities, including land-scaping, fumigation and repair costs.

Besides, after a home purchase, you have to take the good with the bad and look for solutions. This is even harder when you can't find a reliable person to fix the issues in your home and when you finally find one, they cost an arm and a leg. However, with renting, you do not have to put up with mediocre standards. You can simply pack up and leave anytime for a better home if your landlord is uncooperative.

Financial Freedom
Having ample finances to achieve ambitions and safeguard the future is everybody's dream. However, new homeowners soon find out that there is a thin line between financial freedom and bankruptcy. Failing to pay the agreed monthly mortgage repayments for some time will easily lower your credit score and make it challenging to borrow more money in the future. Bearing in mind that paying for a home takes many years, there is a high risk of defaulting several times, making buying a stressful option for many people.

Image by Andrew Khoroshavin

However, tenants have fewer worries as they can always move to cheaper houses when they can no longer afford their house rents. Besides, their incomes are not tied up to long-term schemes, allowing them to invest in other ventures that can help create more income and improve their credit scores in the long-term. Most importantly, the resulting peace of mind is necessary for better productivity. If you are in Mooresville, visit Movoto.com for a wide selection of rental properties.

Simplified Process
Buying a home is a time-consuming and exhaustive process that takes even months sometimes to complete. There are mountains of paperwork involved and many considerations to make before settling on a particular home. Everything, from finding a reliable realtor, perfect home, best interest rates, pre-inspection and closing fees is draining and challenging. It even becomes harder when you feel you need a new home. Selling your home is another complexity, with long waiting periods unless you are lucky enough to land a quick buyer,

Finding a home to rent, on the other hand, is child's play in comparison to buying a home. Apart from visiting the property, look out for any parts that need repair and ask for the tenancy agreement once you have made up your mind to lease the home. Once you deposit the agreed amount, you can move in immediately and begin your tenancy. Moving out is also similarly simple. You only need to issue a notice as specified in your agreement before vacating the home.

Unstable Employment
The type and nature of employment play a crucial role in the renting versus buying debate. People employed on a permanent basis have better prospects of homeownership than their counterparts who have temporary contracts. With black swans' becoming more common in modern times, nobody is safe. As a result, mortgage payments can be a source of uncertainty and cause significant distress.

If you work in a career that is prone to changes and is dormant for some period during the year, consider shelving homeownership. Remember that financial lenders are strict with repayments and defaulting will leave you jittery and lower your credit score in a short time, despite taking years to build.

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