The Advantages Of Renting

by Ann Hayward 02/25/2018

When you’re looking for a new place to live, it’s a valid question to ask whether you should rent or buy a property. After you take a good look at your finances, you may want to consider the following advantages to renting instead of buying: 


Less On Your Shoulders


Once you buy a home, there's a lot of responsibility that you take on. Aside from a new type of financial burden, you’ll find that you have more to take care of with a home. If anything goes wrong in the house, it becomes your issue. Everything from broken locks to leaky toilets in your own home are something you must take care of. If you rent, it’s your landlord’s responsibility to fix those problems. 


Debt Free


Whether you own or rent, you’ll need to pay a monthly fee to live on the property. The payment could be in the form of rent or a mortgage. Being without a mortgage, however, has its advantages. Renting means that you’re only responsible for the monthly rent and utilities. That’s it! Buying a home puts you instantly in debt- by a few hundred thousand dollars that is! You’ll also need to pay taxes, insurance, and keep some money aside for repair costs. Once you buy a home, buying just about anything else using credit can be difficult as well, not to mention a bit more costly due to higher interest rates. 


No Need For A Lot Of Financing Paperwork


While you’ll need to fill out a rental application to rent a home or apartment, there’s very little involved. Buying a home, however, requires you to disclose your life story in order to get a mortgage. While you may be prepared to do that, some people don’t have the time or patience to wait to get approved for a mortgage. If you need to move quickly, keep this in mind.  


Freedom!


When you’re renting a home or apartment, you’re free after the terms of the lease are up. You can move wherever you want once you have met the agreement. There’s no strings attached! The best part is that you don’t need to find a replacement tenant. It’s the job of your landlord or rental company. There’s no need to go through the stressful process of selling your home while you’re still trying to find a new one.  


While buying a home gives you equity and a type of financial backing, renting can be advantageous for many reasons. This is especially true if you’re not planning on staying in an area for more than a few years. Being a tenant gives you the freedom to allow you to lead a more flexible lifestyle. When you’re considering your living options in a new city or town, think long and hard about your lifestyle. While buying a home may seem like the “responsible” thing to do, it’s not for everybody!

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About the Author
Author

Ann Hayward

Born in Philadelphia and raised in the suburbs, Ann Hayward got her Pennsylvania real estate license at age 18 even before going to college. This second-generation real estate professional followed in the footsteps of her father and two uncles, inheriting their passion for the business. Licensed in DC, Maryland and Virginia, Ann is accomplished in her career, with numerous designations including SFR, SRES, PSA, WHC, and multiunit Housing Development Finance Professional (HDFP) from the National Development Council. She specializes in Prince Georges and Montgomery Counties, Northern Virginia and Washington, DC, all jurisdictions where Ann has lived and knows very well. In addition to her professional expertise, she owns and manages personal investment property, understands and has been involved in the renovation/remodeling process, and has great resources which she shares with clients. When you hire Ann to represent you, she will make your buying or selling experience an enjoyable, rewarding one. Her compassion, sensitivity to her clients’ needs, eye for detail, and ability to see the big picture when guiding you through a purchase or sale are unique assets that will ensure your success. A diverse and relevant background also gives Ann a distinct edge. For 30 years, she worked in fast-paced, high-pressure television and theatrical production, attaining the highest achievement – DGA membership as a Director, and as an award-winning staff and freelance writer. Her keen audio visual skills and design sense benefit sellers in marketing their properties, and are invaluable in helping buyers see the potential of space. A true renaissance woman, Ann was also an income tax professional and office manager for H&R Block, so she thoroughly understands the tax and financial implications of acquiring and selling real estate. Her superior organizational skills are further evidenced as owner of a downsizing/professional organizing business, Managed For You, which allows her to connect with everyone from millennials to boomers and seniors, whether for small space planning or assisting with major decluttering and transitioning. Ann holds an AB in American History from Simmons College, Boston, plus attended Robert Wagner Graduate School of Public Administration where she was a candidate for Doctorate. She additionally studied Film Direction at the American Film Institute in LA, and was a Stanford University post-graduate Professional Journalism Fellow. Personally, Ann is an avid if not very good golfer, and the co-founder of a nonprofit 501c3 organization offering educational guidance, tutoring and counseling for youngsters from elementary school through college admission. She sits on the board of trustees of a nonprofit educational film production corporation as well. (202) 494-6252 [email protected]