Some Reasons People Rent Instead of Buy, Even If Money Is No Problem
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Why Do People Rent Instead of Buy, Even If Money Is No Problem?
People rent for as wide a variety of reasons as they decide to buy property. Certainly, money, or lack thereof, is one consideration, but it is sometimes a secondary rather than primary factor. Consider where you live right now or where you'd like to live in the future. Is your decision based primarily on your monthly income? Probably not.
There are many other factors involved in selecting a residence – a place where you'll spend 12 to 16 hours every day. Here are some reasons why you might rent apartments instead of purchasing property that are valid to many other people, too.
- Lifestyle. Many people want to “keep it simple.” Contemporary life often seems to be a blur of going to and from something – work, shopping, recreation, socializing, school, and home. Many people have said to themselves, “No more.” Instead of dealing with mortgage payments, increased real estate taxes, ever more complex and expensive insurance issues (flood insurance, wind damage, etc.), and the real estate market, they find that writing one check per month for apartment rentals works for them.
- Mobility. Many people find themselves in a state of potential flux in employment, personal, family, or military service situations. The mobility they seek is simply not offered by home ownership. Homes or apartments for rent often make a much better match in these situations where necessary moves may occur.
- Reduced responsibility. If you've owned one or more homes for many years, you may be tired of all the accompanying duties. The lawn, garden, roof, plumbing, electrical, heating, painting, repairing, and general maintenance responsibilities of home ownership have become too much of a burden. Apartments for rent are often a perfect “cure” for this condition.
- Poor real estate markets. The question of why do people rent is sometimes answered by the state of the economy. Apartments and rental homes eliminate the concern of paying too much to purchase real estate in some markets. For every case you read about that involves someone making a huge profit from buying and then selling a home, there is a case of someone buying at the height of the market and being unable to sell for a price that even recoups his/her investment.
As you can see, there are as many solid reasons as to why you should rent as to why you should buy. Your decision will be a personal one, and may change at different points of your life. Often, money or lack thereof plays only a minor role in your choice.