Many people will argue that renting a property is a waste of money and that you are always far better off by investing in a home and owning it outright. But, is that the whole truth? Or, is there a scenario when renting a home is actually far more beneficial to you and your lifestyle?
In this article, we’re going to explore the prospect of renting and whether or not it really is a waste of your time and money. Let’s get started!
Is renting a waste of time and money?
First of all, for many people in the world today, renting a property is their only viable option. Particularly at a time where the cost of living is on the rise and wages are very much staying the same, not all of us are blessed with the luxury of owning our homes outright.
So, begin with that in mind: that there is absolutely no shame in renting a property if you are not yet in a position to purchase outright.
What are you going to do? Live on the streets while you save? Cancel your Netflix subscription and give up drinking coffee?
Renting = freedom
Another great benefit to renting property is the freedom it grants you. Sure, you’ll technically be paying for someone else’s mortgage, however, you can up and leave whenever you want. You are not bound by the property.
Particularly when living overseas, say for example, in Thailand: renting is a viable option that can enable you to move around the country as you see fit – absent the financial burden of owning property.
Renting for the lifestyle
In most cases, renting property can enable you to live in an up-market area that you’d otherwise not be able to afford to live in if you were buying property.
For example, the condos to rent at Kave TU in Bangkok are glorious, particularly with the stunning outdoor swimming pools and exclusive fitness studios. When you rent, you can enjoy that level of opulence without having to part with any of your savings.
No maintenance costs or repairs bills
When you own a property outright, you are solely responsible for keeping it maintained and in good working order (e.g., repairing AC’s and installing water heaters). Every time a utility fails or something needs replacing, that bill falls to you. When renting on the other hand, your landlord is solely responsible for paying for the upkeep of your temporary residence.
No stress with property prices or depreciation
While there are many benefits to investing in property – particularly when it appreciates in value – with renting, you never need to burden yourself with the stress of keeping up to date with current market values and real estate fluctuation.
If you aren’t quite ready for that level of commitment, renting is the easiest method. Care-free with the flexibility to move as you please, it is safe to say that renting in today’s global economic climate is not a waste of time or money.
Just make sure that you are setting some savings aside so that eventually, when you do feel like it’s time to get settled, you can invest in property of your own. Until then, rent away and be happy!