Everyone dreams of owning a house someday.
It is the American dream after all.
But in recent years when things seem to have taken a turn for the worse, that dream for some have transformed into a nightmare.
The economy is in a slump, housing prices are down up to 50%, and everyone who's got a house is pretty much becoming a house renter in hopes of earning a little extra.
So you might want to consider renting instead of owning.
It's hard to believe but there are benefits to renting a house or an apartment.
You just have to see them with an open mind.
Let's talk about these benefits: 1.
To avoid costs of home ownership A house in the city or the suburbs costs a specific amount, sure, but have you considered the hidden costs of ownership? Some families drive out of the city in order to find housing that is more affordable.
But then what? Those savings go straight to transportation expenses, when the breadwinner travels to or from work, or even the children who may have to ride out to school.
Another hidden cost is that if you decide to own a house, you may suddenly end up with no savings.
Someone I know spent all their money on a house.
Two weeks later, both the couple got hospitalized, and they had no money to pay for it.
You need to consider these things when buying a house.
2.
Closer distance to urban amenities Sometimes you can't be picky when buying a house.
When the house you can afford is two miles from the nearest convenience store, what can you do? This is in direct contrast with renting a house or an apartment.
With renting, you have better, more affordable, choices of living spaces, which can be easily accessible to more urban amenities.
In this case renting might just be the better option.
3.
Savings Sometimes it's better to rent a small apartment or home for the meantime and put all those savings into something a little better: like a business.
I have a friend who used to rent a small apartment with his wife and two kids while saving up for an RTW business.
They hit it big when it opened, and now my friend lives in his own house as afforded by his successful business.
There's quite a few benefits with renting a home or a small apartment.
Sometimes it pays to rent now so you can own a better home later.
It is the American dream after all.
But in recent years when things seem to have taken a turn for the worse, that dream for some have transformed into a nightmare.
The economy is in a slump, housing prices are down up to 50%, and everyone who's got a house is pretty much becoming a house renter in hopes of earning a little extra.
So you might want to consider renting instead of owning.
It's hard to believe but there are benefits to renting a house or an apartment.
You just have to see them with an open mind.
Let's talk about these benefits: 1.
To avoid costs of home ownership A house in the city or the suburbs costs a specific amount, sure, but have you considered the hidden costs of ownership? Some families drive out of the city in order to find housing that is more affordable.
But then what? Those savings go straight to transportation expenses, when the breadwinner travels to or from work, or even the children who may have to ride out to school.
Another hidden cost is that if you decide to own a house, you may suddenly end up with no savings.
Someone I know spent all their money on a house.
Two weeks later, both the couple got hospitalized, and they had no money to pay for it.
You need to consider these things when buying a house.
2.
Closer distance to urban amenities Sometimes you can't be picky when buying a house.
When the house you can afford is two miles from the nearest convenience store, what can you do? This is in direct contrast with renting a house or an apartment.
With renting, you have better, more affordable, choices of living spaces, which can be easily accessible to more urban amenities.
In this case renting might just be the better option.
3.
Savings Sometimes it's better to rent a small apartment or home for the meantime and put all those savings into something a little better: like a business.
I have a friend who used to rent a small apartment with his wife and two kids while saving up for an RTW business.
They hit it big when it opened, and now my friend lives in his own house as afforded by his successful business.
There's quite a few benefits with renting a home or a small apartment.
Sometimes it pays to rent now so you can own a better home later.
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