2022-11-24 17:00:28

I Own a Home. But Here Are 3 Reasons Why I'd Rather Rent

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Nasdaq
By The Motley Fool

Image source: Getty Images

I've been a homeowner for well over a decade now, and at this point, I'm used to the different expenses and challenges that come along with it. I've also rented several homes and recognize that those arrangements aren't always perfect. When you rent, you could easily get stuck with an absentee landlord who ignores your maintenance requests and leaves you without a working shower for weeks at a time (yup, that happened to me).

But ultimately, my preference these days would be to rent a home rather than own one if that option were available. Here's why.

1. My monthly costs would be more predictable

When you sign a lease for a rental, you're guaranteed the same monthly rent for a preset period of time. Granted, once your lease comes up for renewal, your rent might go up. But you're at least able to determine exactly how much rent you're on the hook for during that 12-month period.

When you own a home, that doesn't happen. I have a fixed-rate mortgage, so that monthly payment won't change. But I could easily have a month when I'm stuck spending $800 on a surprise repair. In fact, budget-busters like that happen all the time when you're a homeowner. And they can really throw your finances off course.

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