Why Renting is Better than Buying for Millennials
Buying a home is a great achievement for those who are starting a family and it’s a major life accomplishment. But for millennias, they think renting is better than buying a home. In a survey in rent.com of 1,000 renters between the ages of 18 and 34, it found that nearly eighty percent don’t plan to buy a home anytime soon. Listed below are some of the reasons why.
Maintenance is not a problem
Homeowners are getting irritated every time they find unexpected home repairs as they are forced to take a chunk of their savings to spend on the repairs. But for renters, they only need to place a call to their landlord or property manager when the sink drains are clogged, or the electrical outlet is busted. This means that they can always continue relaxing at home, not worrying about home maintenance.
Upkeep is not expensive
You don’t have to spend anymore long afternoons cleaning your large backyard where you need to mow regularly. Yard work, repairs, upkeep – a lot of time and money goes into maintaining a home. And every time there’s a storm it will can be occupied the whole day clearing your gutters and the garage. Homeowners can’t just let the time-consuming chores pass, while the renters have nothing to worry about it. And they don’t do general upkeep like required of homeowners.
It makes filing taxes harder
Taxes for homeowners are more burdensome. When you buy a home, you will learn how taxes are complicated. There may have some valuable tax breaks, but processing mortgage interest deductions, home repair expenses, and rental income take considerable time. Renters don’t have to worry about all this. Renters are care-free, knowing they will surely get refund checks.
Renters have options for roommates
If you’re looking for some help to share the cost of your living expenses, accepting a roommate is a great option. If you have a roommate, he can share some of your utility bills. As a homeowner, you take all the responsibilities for the payment of all your monthly bills. Your roommate can also help you with some cleaning chores.
You have more access to amenities
Apartment complexes usually feature amenities such as gym, tennis court, or swimming pool. This can save you time and charge you even lower or free membership for tenants. As a homeowner, you might enjoy the peaceful setting of a home in a relaxing environment or living near a friendly neighborhood, but sure you miss other amenities in the apartment complex. Renting an apartment allows you easy access to things, such as a fitness center, Wi-Fi, community pool, and playground.
You can grab cash bonuses
As a renter, you can become eligible for cash bonuses and discounts. Most rental communities offer additional cash bonuses if you work for local companies. If you’re a local in the area, you may be eligible for rental stipends or gifts just for working close to home. Ask if your employer is on the list of nearby companies to max out discount and money-saving tricks in the community.
Apartment complexes have security
Some rental complexes offer security. Homes in gated communities come at a high price, while apartment complexes have security features included in their lease agreements. This is beneficial for women, single renters, or tenants living in urban areas. Homeowners that require extra precautions need to spend more.
You have the opportunity to invest elsewhere
You can use the money you would’ve spent on your home, and invest it elsewhere. Most home buyers are asked to pay 20 percent down payment on a home. Even with the upfront rental fees and deposits, it’s still cheaper than owning a home. Some renters might already have some savings to pay for the down payment of a house, but with future uncertainties, it might be best for them to invest that money elsewhere.
Many people choose to rent as a safer option rather than investing in real estate. In addition to affordability on renting, renters are also averse to potentially debilitating changes in the housing market. With the real estate industry showing a recovery, a better housing market is stabilizing.
As a renter, the chores and costs are usually covered by the landlord or property manager. As a homeowner, you take all the responsibility. For hard-working millennials who want their vacant time