Tuesday, April 15, 2008

Renters Bliss

While there are quite a few downsides to renting, I thought it would be nice to highlight some of the less obvious up sides (of course the obvious upside is that, at least in our area it is so much less expensive than buying).

--The thing that has been the best about renting, at least for us, is the ability to “test-drive” a neighborhood. If we were really ambitious we would move into the neighborhood I currently covet, to make sure it’s as great as I think it is.
--In times of economic turmoil, its beneficial to be relatively mobile. Not needing to sell your home in order to take a new job is a great benefit of renting in times of uncertainty and high unemployment.
--If personal circumstances change, you can easily downsize to a less expensive place.....if gas gets too expensive, you can move closer to work, and if you family size grows or shrinks you can easily "right size your home".
--Similar to item one above, if a neighborhood that you initially liked, with all its new homes etc. starts to crumble before your eyes, you can move with little to no cost (as opposed to those who bought and would have to sell for a loss in order to get out).
--While we treat our rental better than we would our own house, when our potty training kid accidentally pees on the stairs on the way up to the bathroom, I can take consolation in that at least its a rental!

In many respects, as some have pointed out in the past, Renting is very similar to an option on the housing market and you life circumstances.

3 comments:

Patient Renter said...

Best thing about renting for me is the carefree feeling I have regarding my home's value.

My neighbors have expressed discontent that their home values are evaporating, but luckily, it's something I don't have to worry about (at least not directly).

Husmanen said...

I would also add the ability to 'test drive' the actual financials on a potential home purchase.

Calculating the difference between your rental costs (assuming it is less than buying) and the cost of a purchase. Then pay yourself the difference in a savings account and see how it impacts your life.

You can get a good feeling for the actual costs at the same time creating an account to use once you do find a place.

wrong moves said...

I noticed to myself on Wednesday night browsing the isles at Lowes, how much money I would drop if I owned a home. Nearly every isle had something I thought "Ooh, that is nice" or "I like that". In our rental, I just mow the grass and clean the carpets about every 6 months, if i feel like it. We certainly do not abuse the house, but I haven't made many improvements either. Kinda like state parks such as Bodie, the ghost town, in a state of "Suspended Decay".