Millions of people around the country are deciding to forgo mortgages and become “lifestyle renters.” Renting has numerous benefits, some of which we will discuss here today. In cities like Denver, new rental communities are springing up – small homes that are newly constructed. People from various walks of life are choosing to inhabit these properties without the hassles and expenses of ownership. Let us take a look at why they might wish to live this way.
For people who do not know for certain where they want to live, renting is a no-brainer. Renting a small house does not require a sizeable down payment and may mean a lower monthly payment than paying for a mortgage for your dream house in a nice neighborhood. For young people with student loans, single people with uncertain finances, or older people looking to downsize their lifestyles, renting makes a whole lot of sense.
The More Agile Solution
For people who may wish to move soon, renting a home may be a better option than buying one. Homes can be time-consuming to acquire, and the extra costs can make buying or selling impractical. Without mortgages hanging over their heads, people from all walks of life can have the freedom to pack up and move anytime they wish. If you dislike the idea of putting down deep roots, renting may be the best option for you.
Homeownership means repairs, renovations, and paying all of the necessary associated expenses. Tenants do not need to worry about these headaches. They can always call the landlord and get repairs done free of charge. Of course, some landlords are easier to deal with in this regard than others, but tenants can usually get away with lower maintenance expenses.
Certainly, if you wish to buy a home, there are many financial and personal advantages to doing so. If you do consider purchasing one at some point, use Propy’s Transaction Management Platform to decrease your expenses. It is one of the best digital homebuying solutions yet, and it is one that could help you quickly make the jump from Tenant to Owner.