Make your Life Easier: Rent Real Estate, Don’t Buy Real Estate
If you want to make your life easier, do not buy real estate. Instead, rent real estate.
Here’s 5 reasons why it’s better to rent an apartment, a room, or a house, rather than buy the same piece of real estate.
1. Your physical responsibilities are minimal.
When you buy real estate, you are buying “into a relationship”. Congratulations, you just got married to a property. And now it’s your job, your duty, to maintain that property. You are responsible for the upkeep, the maintenance, the repairs, that are, in some cases, mandatory for the property.
You’ve probably heard of property owners who have neglected to maintain their lawn or allowed junk cars to be stacked on their property, and subsequently lost their house, actually had their real estate taken from them, because of the heavy fines placed on the property. When someone offers to pay the fines on the property and if the property is worth the same amount or less than the amount of the fines, then that “someone” ends up the new property owner.
In the United States of America, the reality, when you buy a property, is that you do not actually own the property. You are simply the “tenant” of the property and the government is the owner. Otherwise, you would not have to pay property taxes or have to abide by rules that are established in order to squeeze money from you. Additionally, these rules are put into place in order to generate revenue from someone who has an attachment, often due to “pride of ownership” into something, in this case the real estate which he has purchased.
All this to say, when you buy a property—real estate—you are buying into all the responsibilities that coincide with ownership of the property. The only way to avoid this is to not buy real estate. Don’t buy the property.
Rent the property. Rent the room. Rent the apartment. Rent the house. Doing so will minimize your physical responsibilities with the said property.
2. Your financial responsibilities are minimal
Home ownership means that you are handcuffed to financial responsibilities such as paying property taxes, home insurance, paying the mortgage, paying for repairs and upgrades.
Owning an apartment demands similar financial obligations, although these obligations are, typically, less expensive, unless you’ve purchased an apartment in New York City.
Buying a condominium means having to pay condo fees, maintaining your condominium so as not to upset the condo board, paying property taxes, insurance, condo fees.
When you rent, you might be able to afford a room in a place like this:
When you rent a house or an apartment or a condominium, your financial responsibilities are far less burdensome.
3. You can move whenever you want
When you are renting, you have the freedom to move whenever you want. You have the freedom to travel. When you rent, you have a lot less obligations and a lot more freedom.
Owning real estate, whether it be a house, a condominium, an apartment, means that you are attached to it. In order to move, and to keep your expenses low, you’ll have to find a a buyer or a renter.
When you rent a house or an apartment or a condominium, if you want to move, you simply give your notice and, if necessary, find another renter, get them into place, and then move.
4. Less stress
Renting real estate means less stress than buying. Why? Because there are fewer financial obligations with renting than with buying. See the rules above.
5. The housing market has little effect on you
Renting a place leaves you unattached to fluctuations in the housing market. You pay your rent. You have a place to live. Simple.
If you own a house and the housing market crashes, your mortgage might be affected by rising interest rates, or you may not be able to pull that second mortgage because your home is worth half of what it was when you bought it. A number of scenarios come into play here.
When you rent, however, you are not affected by the housing market.
If you’re considering buying real estate, for yourself or your family, rent the real estate instead. In doing this, you’ll be saving time, money, while also having a lot more freedom in your life.
© Kris Kemp, 2020 & Beyond
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About Kris Kemp
Kris Kemp is a writer, musician, photographer, traveler, creative entrepreneur, and the author of 20 ebooks. He specializes in copywriting for sales pages, landing pages, squeeze pages, and email marketing sequences. He has a variety of interests that share the common theme of freedom–creative freedom, health freedom, travel/location freedom, financial freedom.
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