1. Many homeowners are unaware of the additional costs that come with owning a home of your own. Fees, such as property taxes, insurance, and maintenance, add up quickly. Taxes can fluctuate, but rental terms are consistent for the duration of your lease.
2. Take the time to build up your credit score. Renting to re-establish a solid payment history can be a good way to accomplish this.
3. Mortgages and other ownership obligations can really weigh you down — don’t expect to pick up and move anytime soon. When the opportunity comes to accept your dream job on the opposite coast or marital bliss rides on relocating to another city, the last thing you want to face is the lengthy and stressful process of selling a home.
4. You don’t have to worry about the cost and stress of maintenance and unexpected repairs. Renters only need to place a call to their property managers when the sink drains are clogged or the dishwasher stops working.
5. Use your savings for other important things in your life. Even when considering upfront rental fees and deposits, it’s still cheaper than the tens of thousands of dollars it takes to buy a home. With other uncertainties and future questions, it might be better to invest your money elsewhere. A few grand could do wonders for your future retirement or help chip away at those student loans that still hover over you.