To many of us owning a house is a dream that tops our bucket list. The security that comes with not having to answer the landlord’s knock or being asked to move.
Reasons for Renting:
With renting you can be able to choose which neighborhood to live in and for how long, you can also be able to survey and test several areas before committing to buy. Owning ties you down somewhat.
if you are in a job where transfers are inevitable you may prefer to rent simply because you are never sure when your job will demand you relocate to another town or country.
You may be anticipating a decline or even increase in your income therefore you prefer to rent until you achieve consistent income before opting for a mortgage.
BAD CREDIT HISTORY
The inability to qualify for a mortgage due previous credit records may force you to settle for renting until your credit rating improves.
MAINTENANCE AND UTILITY COST
When you are a tenant you don’t have to buy new pipes or repair the roof. You only need to reach for the phone and call the landlord. Some landlords even pay for utilities like power, water and garbage collection.
Watch out for the next article in the “Renting Vs Owning a house” series which will explain Reasons for Buying.