There has been a ton of debate over the last few years about whether it is better to rent a house or to buy one. This question has been there for a long time and there are pros and cons to both sides. Both sides have different myths about them. Renting houses means throwing away money for a lot of people, but that is not the case. More and more people of the younger generation are shifting towards renting. The cost of houses these days is way too high, higher than it was even just a few years ago.

Renting also gives people a ton of opportunities to choose the best location and the best place for themselves. We have deviated a lot from family trends over the last few years. More and more nuclear families are coming up and joint families are becoming a thing of the past. All of this advocates for renting houses instead of buying them as well. Buying houses can help you in building equity, but it is definitely not everyone’s cup of tea. We have talked to a ton of experts in the field to come up with a list of advantages for renting houses instead of buying them.

No repair bills and maintenance costs

The best part of renting an apartment or a house instead of buying one for yourself is the luxury of not having to do your own repairs. Your landlord is the person who will assume full responsibility for fixing stuff in the house. This means that you do not have to deal with any issue pertaining to improvement, fixing, or maintenance. For example, if an appliance stops working, your landlord will fix it for you.

This is not the same when you end up buying a house. You assume full responsibility for the house, no matter how costly after you buy it. There will be no one to help you fix the damages or keep the maintenance up in the house. You will also be responsible for all renovation costs. It can be quite pricey if multiple things need attention at once, while this is definitely not the case with renting.

Easy access to amenities

You probably won’t be buying a house that has an in-built gym and a pool in the backyard. When you rent an apartment, you will have access to a ton of amenities that would otherwise come with a steep price tag. Most communities have their own gym, pool, fitness centres, and even open areas for sports, all there for the people living there. If you get executive rentals, it will give you many luxuries without any extra cost to you. As a homeowner, you would have to spend more than 1000 dollars in order to get such amenities installed in your home, only if you have the money and space for it. Even people who buy condos have to pay monthly fees to their homeowners’ association for all these amenities.

Exempt from real estate taxes

The best benefit of renting an apartment is that people who rent houses do not have to pay property taxes. These real estate taxes are quite a heavy burden for people and keep it hard to make your expenses meet. You might just have to pay thousands of dollars each year as tax just to keep your house. This tax is dependent on your property value along with the value of the land. There are new constructions happening all the time, which can make your property tax go higher.

There is no down payment

If you want to rent an apartment, all you have to do is sign the lease and pay the owner every month. There is no down payment involved in renting, unlike situations where you own a home. You will have to pay a security deposit, but that’s about it. This amount is even returned to you the day you leave the rented house if you haven’t done any damages. When you buy a home, you need a big enough down payment, and let’s not forget the mortgage that you have to keep up with. Sure, you might get equity in the home, but it is still quite a huge amount that not a lot of people can afford.

Flexibility with the location

Most people who love renting apartments say that it is because they can be directly in the middle of the city and they don’t have to be located in the suburbs. You can practically choose any location that fits you well for the time being and you don’t have to think so much. People who love to shift to different cities love renting apartments because it gives them that flexibility. If you own a home, you need to take many things into consideration, the budget being the main cause. You might just have to get a house in the suburbs and away from the city because that is the only place you can find a house that you like and can afford. You will also have to deal with living in that area and not being close to walkable areas of the city.

No issue with a decrease in property value

When you are a homeowner, your property is an asset to you. You build equity with that house and pay your mortgage so that you can take it as a tangible asset later on in life. This means that if the property value in your neighbourhood decreases, yours will decrease as well. This is not something that renters need to worry about. They don’t have to pay property tax so it won’t affect them. All you have to do is get your belongings and move into the house without any worry about all of this. A rocky house market will also not affect most renters.

It is important to understand the difference between the pros and cons of renting and buying houses. In the end, it is always up to individual preferences.