5 Reasons to Rent before Owning
why focus on something that might hinder your future plans, before you’re ready?
Everyone who is anyone was taught while growing up, that owning your own home is the ultimate goal. Owning your own home meant you were mature, settled, and ready for all of life’s challenges. But then most of us grew up. And most of us realized that life is expensive. And most of us found that homes were even more expensive.
Half of us made it work, by stretching our income and savings to the last dollar to fulfill our dreams of home ownership. We stayed at home until we saved up enough money to spend it all on our down payment. Renting seemed silly. If we wanted to pay our landlords mortgage, we would.
The other half of us are renting. And we love it. And “we” recommend that before anyone makes a large investment (such as a home), they should try it our way for a while. And we even have some common sense reasons for it.
Because you’ll learn what you need in a home
When we know nothing other than what we had growing up, we might think that it is easy enough to know what we will need and want in our first home. If our moms and dads had it, we obviously should. And if we didn’t need it when we were younger, why would we need it now?
Well, I’ll tell you why. As soon as I moved out on my own, I learned that I like to do things a lot differently than my entire family does. I like to cook different foods, spend more time in an office space, and really don’t like to clean (let alone clean a 4 bedroom home). So I think it’s safe to say, I have learned what I want in a home.
Because you shouldn’t plant your roots too early in life
If I bought a home when I was 20 years old, I’d be living in a community I now rarely even visit. I’d be over an hour drive from my now career, and I would have had to adopt a much simpler lifestyle.
I know that most of us are very interested in travelling, experiencing new things, and enjoying our cities. So why focus on something that might hinder your future plans, before you’re ready?
Because you’ll eventually know what you want and need in a community
Renting is pretty cool because you can test the waters in a bunch of different areas around your city. For instance, I have now lived in every quadrant of my city, and finally pinpointed which one I appreciate most.
Researching these things is also effective before purchasing a home, but actually experiencing it firsthand can make the world of a difference. I would hate to have to go off of someone my mom’s best friend’s uncle said about the beautiful community of Cranston (which is 45 minutes away from downtown by the way).
Because you can start to get a feel for cost of living and maintenance first
Not only is home ownership expensive before extra costs, it can be even more pricy than you realize. Renting has taught me how much I should budget for every single thing I spend money on each month. And that has shown me where I can adapt wiggle room, how much I can save monthly, and beyond.
You’ve heard so many people tell you that home renovations and emergencies can be costly, but you never know how costly they’ll truly be until it’s happening before your eyes. Start to get a feel for adulthood before diving right in. Because trust me, it’s not always dessert for dinner and wine for breakfast.
Because you don’t have to purchase until you’re ready
One of my friends said this one best, so I’ll let this quote speak for itself:
“I associated too much of what it would look like, accomplishment wise, instead of realizing that I don’t in fact own my condo, the bank does, and I make payments to them (just like renting). I guess the reality is I do love where I live and call it home but technically I will be in debt for another 19 years paying off my mortgage (unless I do it quicker).
If I did it differently I would not buy yet but wait until I was at a point in my life where I was sure where I bought was where I wanted to settle for the next 20 or so years. Don’t spread yourself too thin with your mortgage, stay within your means because other costs will arise, and don’t be in a rush!”
Do you own or rent? Let me know in the comments!