It is a part of the American dream to own your own home. However there are a lot of problems that come with home ownership that aren't often considered. People should think about these things before they jump into the responsibility of owning a home. There are a lot of good things for renting which are overlooked when people buy their first home. There are many reasons why renting an apartment is far better than owning a home. These issues should be at least considered before a final decision is made to purchase a home.
First a renter doesn't have to worry about tedious work to keep the place looking good. One of the first things that you will learn is that as home owner, you are responsible for taking care of the grounds of your home. In the summer the lawn needs to be mowed each and every week. Either you have to pay to have it mowed or you will have to do it yourself. This can be fun for some people but others find lawn mowing to be a significant waste of time.
When renting all of that is a part of the agreement and your landlord will take care of the property maintenance. In the winter there is shoveling and plowing that needs to be done to make your yard safe. One of the other problems with home ownership is that you are liable legally if someone comes onto your property and slips and falls. If you are renting then all of those issues are the problem of the landlord.
Secondly there are no expensive repairs that you pay for. Whenever something goes physically wrong with the premises, like a leaky roof, you don't have to pay for it. . If your water stops working all of a sudden then you have to find someone to come and fix it. If it is heat in the winter then it has to be fixed before your pipes freeze and burst which will cost even more money. When you rent all of those concerns belong to the landlord and it is his job to fix it. There is not as much stress on your system as the worries belong to someone else.
Thirdly there is a larger freedom of movement for people who rent. When a person wants to move it is much easier to move to a new location when you rent. Often there will be a lease of a set amount of time but other than that if you want to leave then month to month is the best way to go. That means that giving thirty days is all the notice that you have to give in order to move. When you own a home it is up to the market how quickly your home can sell. This is important to many people who have to switch locations on short notice because of a job or a family emergency.
The next time the thought of buying a home enters your mind remember this list and realize the there are many great options for renting a home over owning one. Don't be afraid to follow your instincts and find a nice apartment and put down a deposit.
In the end owning a home is a huge responsibility and all of the facts need to be considered before a decision is made. Too many people rush into home ownership without a realistic view of what that will mean. Renting is a good option for many people when they are younger and don't have kids of their own to raise. Of course there is an financial equity that comes with home ownership but that is not guaranteed. The markets rise and fall with the demands on the area for housing. Also all of he upkeep needs to be subtracted from the overall price as well. After all of this there is still a long list of positive reasons to rent rather than own a home.