We’ve all heard that owning a home is the American dream, but boy has that dream gotten expensive. Real estate is making a furious comeback after the recent housing collapse and prices are up 20-50% in most major markets across the US. Add that to a slowly recovering economy and not everyone can afford to buy a house anymore.
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A lot more people are renting these days because of increased housing prices and they’re finding that there are some awesome benefits to doing so. You’re not tied down by your house and you have the freedom and flexibility to upgrade or downgrade as you see fit. If you’ve come to enjoy renting, you might a be a renter for life.
Here are 7 signs that you may be a lifetime renter:
You Like Your Freedom
This is the big benefit when it comes to renting. You’re free to move whenever and wherever you want. A lot of people are hampered by their home when it comes to relocating for work, school or personal choice. But if you’re renting none of that is an issue.
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You Like Nice Things
If you’re the beach type, it’s way cheaper to rent a place by the beach than it is to buy a place by the beach. Generally, the buy vs. rent spreads tend to increase as you go inland. So while you might not be able to afford to buy that ocean view condo, renting could definitely be a possibility.
You Don’t Like Risk
Renting will always be less risky than buying. If you lose your job, you can always downsize to a more reasonable apartment. But if you own a house with a 30-year mortgage and you lose your job, you could be in some trouble.
Related Article: 5 Signs You’re Not Ready to Buy a House
You Don’t Have the Downpayment
Since lending laws have gotten stricter in the past few years, most banks require larger down payments. And if you want to buy a house in the traditional manner, you’re going to have to put 20% down. That’s a lot of money. If you don’t have that money or you’d rather invest it elsewhere then renting is perfect for you.
You Don’t Like Surprises
There are a lot of hidden costs that go into owning a house and you’re not responsible for any of that as a renter. The water heater doesn’t wait until you have your bonus to break. In a rental property, if anything breaks, it’s up to your landlord to fix it and you won’t have to worry about or pay a thing.
Your Job Won’t Let You Buy a House
A lot of workers who are involved in cyclical, temporary or contract type job prefer to rent. Perhaps your line of work has you jumping around the country (or the world) every 2 years. If your job fits that description, you’re probably going to be a lifetime renter.
You Don’t Like Worrying About Maintenance
Have you ever mowed a lawn? It’s not as easy as it sounds and can be time consuming. The nice thing about renting is that you will never have to worry about lawn care or anything like that. All of that is usually included in your rent.
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