Disgusted that you can’t afford a house? 3 advantages of being a tenant

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There are advantages to not owning a house.

Key points

  • Inflated prices and higher mortgage rates are keeping many people from buying.
  • There are benefits you could enjoy if you keep renting until the housing market cools, like not worrying about repairs or property taxes.

There are definite advantages to owning rather than renting. For one thing, you can build equity in your own home and you don’t have to follow a landlord’s rules. Plus, the interest you pay on your mortgage could be a nice tax cut.

But nowadays it is really difficult to buy a house. Property values ​​are skyrocketing due to limited inventory and mortgage rates recently hit their highest level in 13 years. All told, buying a home can be an extremely unaffordable prospect right now, which means you may need to keep renting for a while longer, even if it wasn’t initially your plan.

At first it can be disappointing. But rest assured. There are many advantages to renting a house rather than owning one. Here are a few you should keep in mind.

1. Don’t have to worry about maintenance

When you own a home, it’s up to you to manage its upkeep. This means you either have to spend a few hours a week mowing the lawn or hire someone to do it. And when it snows, you are responsible for cleaning your property.

When you’re a tenant, you don’t have to worry about any of that, because it’s your landlord’s responsibility. This means you won’t have to spend time on maintenance and you won’t have to worry about getting the job done.

2. Not having to spend money on repairs

Things can break in a house all the time, whether it’s a washing machine that stops working or an air conditioner that breaks down. When you own a home, you are responsible for the cost of repairs. And often these repairs can appear out of the blue, which means that you may not even have the opportunity to save in advance.

When you rent a house, you can be inconvenienced by repairs – which means if your oven breaks down and it takes two days to get a new one, that’s a problem. But financially, you will not be hurt by home repairs because they will not be your responsibility.

3. Not having to worry about rising property taxes

When you buy a house, there may come a time when your mortgage is paid off and you own your property. But not so fast. You will still have property taxes to pay. And these tend to increase over time.

When you rent a house, property taxes are not your problem. Certainly they can become your problem peripherally, as your landlord may choose to increase your rent when your lease expires to offset a higher tax bill. But at that time, you will have the option of not renewing your lease, while your landlord will not have the option of not paying their property taxes.

The fact that buying a home has become so difficult is a point of frustration for many people. But try not to let yourself down. If you have to keep renting a little longer, you’ll at least have some breathing room to deal with the inevitable maintenance, repairs, and property taxes.

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