As we get older we begin to form our own beliefs and ideas around money and the Kodak ready fantasies of our parents and those before us drift further away each day. Living expenses are rising, student loan debt is deep enough to swim in, and we seem to stretch start-off undergrad degree salaries like hour old bubblegum. Let’s just face it—times aren’t how they used to be. That is why for us to adapt to the present, we must change the way we go about things.
Many of us have probably dreamt of buying a home to place a permanent marker on our lives right next to the modern structured fence in our imaginary front-lawn. We believed it was the best way to go because it was all we knew and all we’d seen our whole lives. Yet, what if renting a home is better for our future endeavors and bank accounts? There are many benefits that come with renting, rather than buying your own home. If you’re looking to trade the new road paved ahead for the choice, here is why the possibilities are endless!
It’s as Flexible as Monday Morning Yoga
Flexibility is something that delights the ears of new college graduates, as they are more open to change while looking for the next steps ahead. When you rent a property, you’re not signing to be as happy as long as you both shall live. It leaves you room for growth, new opportunities and time to figure out what you want. You’re not tied down to property value, which makes the place easy to pick up and easier to let go of. You also don’t have as much as hassle about saving up for repairs or paying for taxes and insurance. In addition to the benefits of flexibility, you get the ability to downsize if your salary isn’t where you want it or you’re still struggling to pay off debt and loans from previous years.
It Cuts on Costs
It can be stressful when having to pay off a mortgage or trying to keep up with bills that seem to grow like fungi around you. This, among many others, is another reason why renting rather than buying a home is a great way to go. The amount of saving you’d benefit from while renting is almost unreal. As most struggle with the cost of a leaky roof or a broken fridge—all you’d have to do is call the landlord and they’ll handle the problem. Homeowners are usually the ones responsible for all home repair costs—which can get more expensive by the year or circumstance. As insurance becomes a pain to upkeep, it isn’t as much as a hassle as it would be for a homeowner. While renter’s insurance is nearly $20 a month, homeowners can skyrocket to almost $80. If you’re someone that doesn’t budget well, is on a tight budget, or wants to shrink their budget—the cost cut should be music to your ears.
You Don’t Have To Wait Forever
Oftentimes, waiting for an opportunity is one of the main reasons why we miss it. A lot of women are holding out on securing the keys because they’re saving for a down payment, among many other things. The last thing we need is another fee to wave our wands and open our wallets for. By renting a home, there is no down payment to worry about—only a security deposit that is most likely less than a down payment for a new home. Statistics show that it takes roughly 10 years to save for a down payment. While we wait on time, it won’t be waiting on us. These options give us the sense of urgency we need to take the steps in creating our own lives.
While owning our own homes may be a life-long goal, we have to remember that every milestone takes strategy, preparation, execution, and patience to reach. There isn’t a clock set on our lives, nor our journey to “have it all.” As long as we have something to look forward to when we enter the doors of our homes, it doesn’t matter the circumstance. All that matters is that we’re happy, settled, and thriving in the marathon to become our best selves.
Ashley Tate attends Howard University and is a Journalism major from Birmingham, Alabama. She finds that most of her best writing comes from quiet mod coffee shops sprinkled around the city or within the confines of her room. In her free time, Ashley can be found with a pen in her hand, her nose in a magazine, or doing whatever makes her feel like a BAUCE.