The general perception about people that rent the place where they live is that they simply cannot afford to purchase a home. This is not always the case. The truth is there are many individuals right now that simply do not want to buy the house as they do prefer renting. This is due to so many different reasons that can be mentioned.
Travis Cadman showcases the fact that many of those that can afford to buy but decide to rent actually know more about how to make smart financial investments than others. There are so many situations in which this is actually a really good decision. This can be due to one of the reasons mentioned below, although there are others that can be highlighted.
Length Of Stay In An Area
One of the really important questions people need to ask themselves is: for how long are you going to live where you live? If the answer is “not very long”, renting is a much better option than buying. You do not need to make a really long-term, definitive decision. If you decide to rent, your security is actually much higher since risks are automatically minimized.
Will A Neighborhood Be Enjoyed?
If you talk to most people out there, you will hear the fact that it is close to impossible to fully know in advance whether or not a specific neighborhood is going to be enjoyed. The only real way to be sure of this is to live there first. The neighborhood where you live needs to satisfy needs when thinking about fulfillment, transportation convenience, dining, entertainment, happiness and a lot more. Renting allows you to fully experience a neighborhood before you commit to buying a house there. If you buy the house first and you hate living there, you are stuck after making a large investment.
Home Ownership Unknowns
Are you truly ready to deal with all the responsibilities of being a homeowner? Believe it or not, most people are not and they learn the hard way how hard this can be. Whenever renting, if problems appear, all that needs to be done is to contact the landlord. Most things associated with the property are actually the responsibility of the landlord.
As a very simple example, most homeowners are simply not handy. They need to hire professionals whenever repairs have to be done. This includes roofers, electricians, plumbers and a lot more. Hiring such specialists is costly and can be pretty stressful.
There are so many that think owning a home is a priority and a goal for people. However, this is not the reality for a lot more people than what is believed. There is a clear increase in the number of luxury rentals available and home ownership costs went up. It should be no surprise to see the fact that many just want to rent as opposed to the American Dream of becoming a home owner. This does not mean that people cannot afford to buy. Sometimes it just means they do not want to.