3 Reasons to Rent a House Instead of Buying One
When you are relocating to a different city, there are many choices you have to make. One of the biggest challenges is to decide whether to buy or rent a house. These are some of the reasons why renting house is a better option.
When you rent a house, the major responsibility of maintaining the home is on the owner. So, if a pipe bursts or there is any major repair work to be done, then the homeowner will do it for you. If you own a house, on the other hand, you will have to pay for the repair bills and take care of everything that goes wrong in the house.
When you buy a home, you need to take a mortgage. The interest rates are high on mortgages.You will be on thousands of dollars of debt for a long period of time. By renting a house, you won’t fall under any debt.
When you rent a home you have to sign a contract for six months to one year. So, after that, you can change your house if you want to. But once you buy a house, it is difficult to sell it and move to a new house. You might have to live in that house for 20 to 30 years to pay off your debt.
So, you can see that renting house is actually better than owning one. Still, the choice depends on your needs and circumstances.You should weight the benefits and drawbacks of both options before choosing the right one for yourself.